Gasoline is now selling for under three-dollars for a gallon of Regular in many parts of Illinois outside of the Chicago area. And more areas could join them soon.
Analyst Patrick DeHaan with the price-tracking website GasBuddy.com says the low prices could be around for much of the winter, thanks to a price war among the OPEC oil nations.
Usually, gasoline prices start to rise around the New Year, after bottoming out in December. But DeHaan thinks that this year, the low prices may stay around a little longer.
“Much is going to depend on if more countries cut their prices, and if there’s more competition. These, prices, if OPEC would continue feuding, these relatively low prices could stick around perhaps a month or two longer. I don’t believe prices will remain this low going into the spring, however.”
DeHaan says high domestic oil production due to fracking also contributes to low gasoline prices. And he says so far, the low gas prices have led to only slightly higher sales volumes.
As of Monday afternoon, the lowest gas prices in downstate Illinois were at 2.69 for a gallon of Regular at some gas stations in Decatur.