Dip in gas prices helping Illinois residents out at the pump
CARTERVILLE, Ill. (KFVS) -After hitting record highs, the average price for a gallon of gas is coming down.
AAA reports the average price for a gallon of gas is now $4.49. That’s down nearly 50 cents compared to a month ago.
Here in the Heartland, average gas prices are down to $4.22 in Missouri, $4.16 in Kentucky and $4.98 in Illinois.
Tuesday is the first time in nearly two months, the average Illinois gas prices have fallen below $5 a gallon.
In some southern Illinois towns, gas prices are even cheaper, however, prices at the pump are still more than a dollar higher than they were a year ago.
Some southern Illinois residents say the drop in gas prices is a major relief to their pockets.
“Oh 4.09 is great, it’s not been this low since I can remember,” said Steven White, Carterville resident.
Another resident, is happy that the prices at the pump are declining.
“Yes big relief, I can buy a drink and I can actually buy soda you know but yeah,” said Carterville resident Carol Eslinger.
Many say the dip in gas prices is also helping their wallets.
“I think I filled my car up almost for $100 the other day and now it’s significantly cheaper than that,” said White.
According to AAA, the average price in Williamson County is $4.39, in Jackson County it’s $4.77, both below the state average.
For prices in your county, you can find them on the AAA website.
“It’s a little cheaper than what it normally is. It’s 5 something the last few months, so yeah breaking the bank just to get gas you know,” said Kevin Stangle, West Frankfort Resident.
One SIU Economic professor does not expect to see a major decline in the price of gas.
“It could very well continue their gradual decrease and perhaps we will be back at $4, that’s not a prediction but I wouldn’t be shocked if that happens,” said Kevin Sylwester, SIU Professor of Economics.
He does not see prices dropping to pre-pandemic levels, when it was less than $3 a gallon.
“The one thing that would make them drop really really quickly I think is what no one wants to see and that would be a major downturn in the economy that greatly lowers demand size-ably and very quickly,” said Sylwester.
Meanwhile, some say they are just happy to see it’s not $5 a gallon when they are filling up the tank.
“That’s just a nice change of pace from what we’ve seen so that’s exciting,” said White.
Many also added the suspended inflation of the state’s gas tax that was suspended by Governor J.B. Pritzker is also helping them out at the pump.
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