(WBBM NEWSRADIO) — If you drove to grandma's house this Thanksgiving, you probably noticed that gas prices keep falling.
Gas prices in the Chicago area went down another roughly 20 cents in the last week, said Patrick De Haan, head of petroleum analysis at GasBuddy. That puts prices about 40 cents per gallon cheaper than one month ago.
“The trend really started a few weeks ago — as demand started to drop seasonally [and] more concerns over China’s lockdown as COVID cases surged — has pushed oil down, as well as refineries that have concluded the fall maintenance period,” De Haan said.
He said one station in west suburban Addison was selling gas for under $3 per gallon.
Although the state’s motor fuel tax increase was postponed, that holiday is up at the end of the month. De Haan, though, doesn’t think it will mean much as prices continue trending lower.
“With diesel prices potentially falling 25 – 50 cents over the next couple of weeks, gasoline prices could fall a more dramatic 35 – 75 cents per gallon over the next few weeks,” said De Haan.
Barring any abrupt supply and demand changes or a sudden reopening in Chicago, De Haan said he expects these trends to continue.
“For now, the future’s looking fairly good for motorists with falling gas prices to continue ahead of Christmas,” he said.
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