Gas Prices Continue to Plummet

Chicagoans rejoice as gas falls below $3

By Matt Bartosik
|  Thursday, Oct 23, 2008  |  Updated 10:26 PM CDT
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Gas Prices Continue to Plummet

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Gas prices in Chicago could average below $3 a gallon by the end of the month.

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After experiencing the highest gas prices in the country this summer, Chicagoans are grateful to see them in a free fall recently.

According to Phil Flynn, an analyst and trader for Alaron Trading, gas prices could average $2.80 a gallon in the Chicago area by the end of the year.

"Three dollars is right around the corner," Flynn told the Sun-Times. "By Halloween, we could be at or below $3 a gallon."

In Illinois, regular unleaded gasoline has decreased 51 cents during the past month, AAA Chicago reports. However, that's still 49 cents higher per gallon than last year.

"Consumers are feeling a bit of relief at the pump as prices have decreased significantly," said Nicole Niemi, AAA Chicago's spokesperson. "Prices are still much higher than the same time last year. Consumers are still feeling the ramifications of the hurricanes earlier this year resulting in refinery and distribution problems."

Financial website Money Crashers attributes the falling prices to the American consumers themselves. In response to inflated gas prices, motorists drove less often and used less gas, putting less demand on oil. As a result, the price of a barrel of oil tumbled below $67 (as of Wednesday) and gas prices plummeted.

Gas below $3 a gallon would certainly be a Halloween treat many Chicagoans would savor.

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