Gasoline prices in the Chicago area fell 29 cents in the past week, erasing some of the price spike related to an unexpected shutdown of a production unit at BP’s refinery in Whiting, Indiana.
A gallon of gas cost an average $3.03 in the Chicago metro area Monday morning, down from an average $3.32 a gallon last week.
The sharp drop here came as the average national price posted its biggest weekly drop of the year, slipping 13 cents a gallon to $2.47, GasBuddy.com reported.
Prices in the Chicago area still have a way to go to get back down to the levels before the breakdown at the Whiting refinery and worries about the slowdown in China roiled the oil and gas markets. The AAA Daily Fuel Gauge Report showed gas prices averaged $2.80 a gallon a month ago.
A year ago, gas cost $3.68 a gallon in the Chicago area.
Statewide, gas prices averaged $2.77 a gallon on Monday, placing Illinois ninth on GasBuddy.com’s list of most expensive fuel states.
GasBuddy estimates half of the nation’s gas stations might charge less than $2 a gallon by Christmas. About 5,000 stations are already at that level.
Gas prices are highest in the West, with stations charging $3.35 a gallon in California.