Chicago gas prices 31 cents below last month’s high
BY SANDRA GUY Business Reporter firstname.lastname@example.org April 26, 2012 6:02PM
Updated: May 28, 2012 9:10AM
The price of gas in the Chicago area continued its decline this week, to $4.20 a gallon Thursday — down 2 cents from Wednesday, and 31 cents from the record $4.506 reached March 27.
The average price for a gallon of regular unleaded gasoline is even lower than a year ago, by 7 cents, but still historically high.
In the city of Chicago, the average price of $4.41 for a gallon of regular unleaded on Thursday stood a 3 cents below a year ago.
The trend is in line with the nation, since gasoline prices have been falling in April largely because the most common types of gasoline futures are trading lower.
Chicago-area motorists rarely enjoy prices below the national average because of local tax rates and regulatory requirements unique to the area, said energy analyst Phil Flynn.
Flynn said gas prices locally may go even higher in the short term because it’s the time of year when refineries undergo maintenance, which tightens the supply. But the prices are expected to moderate throughout the summer if Iran stops an expansion of its nuclear program and avoid a European Union ban on its crude oil, he said.