Aug. 10--Low oil prices are making themselves felt at the pump -- with a gallon of gas now averaging $2.78 in the Chicago area, according to GasBuddy.com.
Gas prices are expected to continue to fall over the next six weeks, analysts say.
"Gas prices still have to do some catching up with crude oil, which is within 19 cents of its lowest price since the recession," said Patrick DeHaan, a senior petroleum analyst with GasBuddy.com.
Though gas prices typically increase in the summer as more Americans hit the roads, DeHaan predicted that gas prices in the Chicago area would fall another 25 to 35 cents a gallon as falling oil prices filter through to the consumer, and as refineries switch over to cheaper winter fuel blends in late September.
AAA spokeswoman Beth Mosher agreed that gas prices should continue to fall. "In some parts of the country, we might be seeing a $2 price point by the end of the year," she said. "As drivers look to take one last road trip before summer ends, these gas savings will make their trips even more affordable."
South Carolina had the cheapest gas in the nation, as of Monday, with a gallon costing just $2.19 on average. California had the most expensive gas. Motorists there paid an average of $3.59 a gallon.
Chicago gas prices have been on a downward trend since the middle of June. The price per gallon is down nearly $1 year-over-year.
kjanssen@tribpub.com
