Here's some positive news for your Monday morning: Gas prices are on the way down, falling both in Illinois and across the U.S., according to a new GasBuddy analysis.
In Illinois, average prices have fallen 7.2 cents per gallon in the past week, making for an average of $2.46 per gallon, the company said. That’s lower than the national average of $2.57 per gallon, which is also falling by 3.5 cents.
Coles County gas prices averaged $2.38 per gallon early Monday.
"The wait is over — 2018's first weekly drop at gas pumps has arrived with the national average losing ground in the last week,” said Patrick DeHaan, head of petroleum analysis for GasBuddy, which analyzes fuel prices across the U.S. and in Canada and Australia.
Even with the decrease, average gas prices are still higher than they were on this day a year ago — to the tune of 15.6 cent per gallon in Illinois and 29.4 cents per gallon nationally.
So, what’s finally driving prices down?
“As the Dow Jones average swung violently, oil prices lost considerable ground, falling below $60 per barrel for the first time this year,” DeHaan said. A weekly report from the government also showed more inventory in crude oil, gasoline and distillate — meaning that wholesale gas prices were pushed down.
Most places will see gas prices decline this week as a direct result of those factors, he said.
“But don't get too giddy,” DeHaan warned. “There are still some gray clouds on the horizon."