Gas Prices Continue to Drop and Could Get Even Lower

According to GasBuddy.com, Illinois’s average gas prices are $2.17 a gallon which is 8 cents lower then last week and that is nearly double of the amount of drop seen nationally. The national average is $2.15 a gallon after falling 4.5 cents. Decatur’s lowest price per gallon is $1.90, it’s 4 cents cheaper in Springfield with the lowest price at $1.86 per gallon. CNN also reports that cheap gas is being fueled by sub -$50 oil prices. But there’s another hidden force at play: a serious oversupply problem. It seems that the well-chronicled glut in crude oil has spread to gasoline and other products. Despite the fact that it’s the heart of summer driving season, the U.S. is sitting on 241 million barrels of gasoline in storage. That’s the highest level for this time of the year since the government began tracking this metric in 1990. Last summer people saw gas prices around $2.75 a gallon and some experts think that gas could drop below $2 a gallon throughout most of the country.

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