Average gas prices nationally are around $2.
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Locally there is a noticeable difference in prices from recent years.
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That’s how much consumers will save during their year-end travels compared with past year, according to GasBuddy Organization, a price tracker based in Gaithersburg, Maryland.
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It’s the first time since March 2009 that AAA’s average has been below $2 and 41 cents less per gallon than this time past year, according to the Tribune. Pump prices also typically fall during the winter months due to reduced demand.
Lundberg says the average cost of midgrade is $2.35 per gallon, while Premium averages $2.55. More than 13,000 stations nationwide are selling gas for less than $1.75 per gallon and a total of 29 states are posting averages below $2 per gallon.
Chicagoans aren’t feeling a huge price drop, with the average at $2.31 per gallon in the city and about $2.12 per gallon in the metro area. During this 81-month span, gas prices averaged $3.11 per gallon and reached as high as $3.98 on May 5, 2011.
Asked what factors affect the local cost of gasoline, DeHaan told Benzinga they included (in order): the price of crude oil, refining status, including maintenance issues and throughput, taxes and the cost of distribution.
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Prices have dropped because supplies are strong and demand hasn’t been huge. Despite the expected seasonal increase, the national average price of gas may not rise above $3 per gallon in 2016 because oil should remain abundant and relatively affordable. They may need to make costly upgrades that will trickle down to gas prices.
