As Independence Day weekend draws near, motorists across the nation are in for a respite at the gas pump with prices showing a significant drop from last year; the average cost for a gallon of gas in Chicago is $3.65, which is roughly 45 cents cheaper than the same time in 2024, as the Chicago Sun-Times reported. A mirror to this trend, the national average sits at $3.16, with some states like Mississippi seeing prices as low as $2.71 per gallon, according to information obtained by ABC News.
These numbers are especially noteworthy when considering that just last year, motorists were coughing up considerably more for fuel and this downward trajectory in gas prices is the steepest in the past four years, despite recent disruptions in the Middle East including a flare-up of hostilities that saw the U.S. target nuclear sites in Iran, the event didn't cause a notable uptick in oil prices, instead, prices are dipping as the global oil market rebalances following the jolts of COVID-19 and the war in Ukraine leading to increased production by OPEC and rate hikes by the Federal Reserve curbing consumption according to Patrick De Haan, Head of Petroleum Analysis at Gas Buddy, who told the Chicago Sun-Times.
More than 61 million Americans are expected to take advantage of these lower prices by traveling by car during the holiday weekend as reported by AAA, and while crude oil price fluctuations are generally the main influence on fuel costs, it's noted that supply tends to build throughout the summer months which could help to maintain, or even further decrease, these lower prices, barring any major disruptions or geopolitical issues said Patrick de Haan in a statement acquired by ABC News.
Although lower gas prices are a welcome change, they come with a caveat; Illinois residents are facing some of the highest gas taxes in the country, only second to California, a burden that stands despite the overall push in gas prices downward reason being Illinois' gas tax went up again on Tuesday, leaving the state in this not-so-coveted position.
