Dec. 21--Gas prices dropped below $2 per gallon Monday for the first time in nearly seven years, but Chicago still has some miles to go before crossing that threshold.
The national average is $1.998, according to AAA. That's 41 cents less per gallon than last year at this time.
"Drivers across the country are celebrating the historic return of cheaper gas prices," said Marshall Doney, AAA's president and CEO. "The lowest gas prices in nearly seven years are a holiday gift that few consumers could have imagined when gasoline was $4 a gallon."
Average pump prices in Chicago are running higher, at $2.31 per gallon in the city and about $2.12 per gallon across the metro area. While Chicago gas prices are above the national average, it could be worse. It costs more to fill up on the West Coast and pockets of the East Coast, with California, for example, topping $2.72 per gallon, according to AAA.
"Illinois is in the middle of the pack right now for gas prices," said Gail Weinholzer, a AAA spokeswoman. "The average driver in Illinois is feeling a good share of the relief, just like the rest of the nation."
Gas prices are moving in lockstep with crude oil, which fell below $35 a barrel on Friday, a seven-year low, as a supply glut continues to tank prices. Domestic supplies are about 29 percent higher than a year ago, while oil prices are about $70 per barrel cheaper than in the summer of 2014, according to AAA, which said a $10 decline in oil can reduce gas prices by nearly 25 cents per gallon.
Seasonal patterns are also a factor, with gas prices generally falling through early winter as driving and fuel use decline, according to AAA.
The national average price of gas has been above $2 since March 2009, averaging $3.11 per gallon during that 81-month span. Meanwhile, the specter of $4 gas is fading in the rearview mirror, with the highest average price topping out at $4.11 per gallon on July 17, 2008.
rchannick@tribpub.com
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