Expert: Chicago Seeing Lowest Gas Prices Since 2010
(CBS) -- If you're feeling a little giddy when it's time to refuel, you're not alone, reports WBBM's John Cody.
"Today in Chicago, we're looking at $2.71 a gallon, the lowest since 2010," said GasBuddy.com senior petroleum analyst Patrick DeHaan.
Gas prices below $2 a gallon are possible in southern Illinois, according to DeHaan, but not likely around Chicago due to gas taxes.
DeHaan said our low price pleasure means pain for Russia and Iran.
"Budgets have already been slashed in Russia and they are going to start feeling even more heat in Iran," he said.
However, Reuters oil analyst Mohammed Bassi opines that the low crude prices are mainly a Saudi initiative to punish Russia and Iran for supporting incumbent Syrian President Bashir Al-Assad, combined with a Saudi initiative to undercut U.S. oil shale operations which require fairly high oil prices for profitability.