Analyst: Gas Prices Falling Faster Than Expected

Gasoline prices will continue to fall in Illinois, thanks to the decision last week by OPEC nations to keep oil prices low; that’s the forecast from analyst Patrick DeHaan with the price-tracking website GasBuddy.com.

Gas prices currently average $2.83 for a gallon of regular-grade gas in Illinois --- nearly 47 cents lower than a year ago. In the Champaign-Urbana area, the average price for a gallon of regular is around $2.71. DeHaan says he was surprised to see prices fall so far so quickly.

“This is something that really, even two months ago, I would have been a skeptic that prices would have fallen this far", said DeHaan. "But fall they have. And likely with the action we saw from OPEC on Thursday not to cut oil output, we likely will see another round of declining gas prices.”

DeHaan says he expects Illinois gasoline prices to fall even more by the end of December, but stay above $2 a gallon. Then, around the New Year, he says prices should rise somewhat, as oil refineries shut down for maintenance and to retool for more expensive summertime fuel blends. But DeHaan thinks gas prices will continue to be lower than they were a few months ago.