MintJulep

Analyst Says Prices Could Go To $3.50 A Gallon By Labor Day

Susan Carlson
CHICAGO (CBS) ― Finally, there's some good news about gas prices. They've dropped nationwide by about a nickel, and as CBS 2's Susan Carlson reports, analysts are predicting even bigger drops through the rest of the summer.

For the first time in awhile, drivers can fill up at the pump without a pained expression.

"We saw a substantial drop in the price of crude oil, which it appears gas station owners were in a hurry to pass on to consumers," said Phill Flynn, Vice President an Senior Market Analyst at Alaron Trading.

AAA reports gas prices in the Chicago area are averaging $4.25 a gallon Wednesday. That's down from $4.27 Tuesday, and $4.33 last Friday.

"So often we hear gas prices rise like a rocket and drop like a feather, this time, they're starting to drop like a rock and that's a good thing," Flynn said.

That's partly because demand is down about 4 percent from where it usually is. Many people have put the brakes on driving this summer because it costs too much.

The promise of a bargain has many people flocking over the border. At a gas station on Indianapolis Boulevard in Hammond, Ind., CBS 2 found gas for just $3.75 a gallon.

"I rehab houses in the area, Gary and so forth, so it's worth the while to drive over from Crete," said Troy Brown.

Customers are pouring into Luke's Gas Station from the south suburbs and other parts of Indiana.

"I'm just over in Highland, a few miles away, and as soon as you cross over into Hammond, the gas is at least 10 cents cheaper," Suzanne Stinnett said.

But soon, you may not have to go as far as Hammond to get a good deal. Analysts say right now, gas prices are on track to keep plummeting through the end of the summer.

"We could see $3.70 in the city and if we get really lucky, maybe $3.50 by Labor Day," Flynn said.

cbs2chicago.com - Expert: Gas Prices Dropping Like A Rock

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"Resolve to be tender with the young, compassionate with the aged, sympathetic with the striving & tolerant with the weak & wrong. Some time in your life you will have been all of these."

Kanadesaga

Let me know when it hits $1.28. That's what what it was 1/21/01. I won't hold my breath

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PursuitOfHappinessParty

Wow, its true. My pump just fell a drastic 3 cents, going all the way to last week's price.

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" Tie two birds together and though they have four wings they cannot fly " Blind Master in 'Circle Of Iron'

Heretic

She's full of right wing terrorist shit as usual. After that $16 drop in oil the price of gas went down all of two cents over the course of a month.

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"In space no one can hear you scream. in D.C. it won't matter..." -Clinton Resurrection: The Alien Queen lives!

MintJulep

I'd love for it to be $1.28 too but $3.50 is still better than $6.00/gallon.

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"Resolve to be tender with the young, compassionate with the aged, sympathetic with the striving & tolerant with the weak & wrong. Some time in your life you will have been all of these."

MintJulep

Stay tuned. I'll be sure to update you on the upcoming fall in gas prices.

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"Resolve to be tender with the young, compassionate with the aged, sympathetic with the striving & tolerant with the weak & wrong. Some time in your life you will have been all of these."

Kanadesaga

Won't happen. And gas $1.28 before the retard and his henchmen were appointed to rule in washington. every increase since is artificial bullshit rigged by big oil

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