Prices at the pump have declined in Illinois following a trend where the national average fell below $4 a gallon Thursday, the lowest level seen in months.
Regular gas averages $4.29 a gallon in Illinois and $3.97 a gallon in the U.S. as of Saturday, according to AAA. While prices are higher than they were a year ago in both cases, they are significantly below the peak reached in June. At that time, gas had a price tag of more than $5 a gallon.
AAA reported that gas prices have fallen consecutively for the past 59 days. In Illinois, gas was an average of $4.46 a week ago and reached $5.11 a month ago.
Currently in Cook County, gas tallies in on the higher end, with an average of $4.77, according to AAA data. Neighboring counties Lake and DuPage are lower, but not by that much, with respective averages of $4.34 and $4.37. Prices are lower near central and southern Illinois, according to the AAA.
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So, why are prices on the decline?
Given how expensive gas was the past couple of months, people may have opted to hold off on filling their tanks. Simply put, as the demand for gas decreased, it become less of a hot commodity.
The main reason, however, lies in the fall of oil prices. Crude is the single largest factor influencing gas prices, accounting for more than 50% of what people pay at the pump. As oil prices retreat to lower levels, gas prices also follow suit.
