Gas Prices Dropping; Could Dip Below $3 Per Gallon In Some Areas
CHICAGO (CBS) -- Gas prices have been dropping recently, reaching some of the lowest levels in three years in some areas.
The average price of a gallon of regular unleaded in Illinois was $3.46 on Friday, down about 10 cents compared to last month, according to the AAA. In the Chicago area, the average price is $3.61, and prices are even lower across the region.
"What has happened in the summer, we were talking about $4-a-gallon gas here in Chicago; and now some of the suburbs and northwest Indiana, we're talking about sub-$3-a-gallon gas," Patrick DeHaan, chief petroleum analyst for GasBuddy.com, told CBS 2.
DeHaan said prices in the immediate Chicago area likely won't go that low, but prices likely will continue to drop.
"We're back on cheaper winter gasoline, that's helping prices go down. Crude production is very high; that's leading to lower crude oil prices, which then translates to lower gas prices," he said.
Experts predict prices will fall through early winter, then likely go up again in the new year. How much is unclear.