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AAA Chicago: Gas prices decline sharply in October, trend may continue through end of the year

AURORA, Ill., Nov. 5, 2012 /PRNewswire/ -- AAA Chicago's most recent Fuel Gauge Report estimates that in Illinois, the average regular unleaded gasoline prices decreased $.32 in October with an average cost of $3.75 for the month. This price is $.26 higher than last year.

(Logo:  http://photos.prnewswire.com/prnh/20100506/AAACHILOGO)

In northern Indiana, gas prices averaged $3.58 in October, which is down $.40 from September 2012 and up $.24 from October 2011. For both Illinois and Indiana, this is the largest month-over-month decline since October 2008.

"Gas prices at the end of October were dropping at the fastest speeds in nearly four years," said Beth Mosher, director of public affairs for AAA Chicago. "If this trend continues, motorists could be paying less than last year to fill up their cars."

Assuming a smooth restart to production following Hurricane Sandy, AAA predicts that gas prices will continue to drop through the end of the year. Hurricane Sandy is expected to have a limited effect on gas prices, particularly in Illinois and Indiana. The Northeast is a significant gasoline consumer and not a major producer, so it is expected that the decline in demand from people not driving will outweigh any disruption in gasoline production. 

Other monthly averages across the region:

  • In Cook County, Ill., self-serve regular unleaded gasoline averages $3.95, which is down $.37 from last month and $.31 higher than last year's price-per-gallon.
  • In DuPage County, Ill., self-serve regular unleaded gasoline averages $3.78 per gallon, which is $.37 decrease from September and up $.28 from last year.
  • In Kane County, Ill., self-serve regular unleaded gasoline averages $3.76 per gallon, which is $.37 lower compared to last month and $.28 higher than October 2011's price.
  • In Lake County, Ill., self-serve regular unleaded gasoline averages $3.76 per gallon, which is $.36 lower than last month and up by $.30 compared to this time last year.
  • In McHenry County, Ill., self-serve regular unleaded gasoline averages $3.76 per gallon, which is $.38 lower than last month's average and $.30 higher than October 2011's price.
  • In Will County, Ill., self-serve regular unleaded gasoline averages $3.73 per gallon, which is $.37 lower compared to last month and $.27 higher compared to last year.
  • In Champaign County, Ill., self-serve regular unleaded gasoline averages $3.58 per gallon, a decrease of $.29 from September and an increase of $.21 from last year.
  • In McLean County, Ill., self-serve regular unleaded gasoline averages $3.55 per gallon, which is $.26 lower from last month and $.18 higher than last year.
  • In Peoria County, Ill., self-serve regular unleaded gasoline averages $3.65 per gallon, which is down $.27 compared to last month and up $.24 from October 2011.
  • In Sangamon County, Ill., self-serve regular unleaded gasoline averages $3.55 per gallon, which is $.32 lower than last month and $.14 higher than last year.
  • In Winnebago County, Ill., self-serve regular unleaded gasoline averages $3.66 per gallon, a decrease of $.33 from September and $.21 higher than October 2011.
  • In Allen County, Ind., self-serve regular unleaded gasoline averages $3.58 per gallon, which is $.26 lower from last month and $.21 higher than October 2011's price.
  • In Lake County, Ind., self-serve regular unleaded gasoline averages $3.58 per gallon, a 40-cent decrease from September's average and a $.24 increase from a year ago.
  • In Porter County, Ind., self-serve regular unleaded gasoline averages $3.57 per gallon, which is $.40 lower than last month and $.24 higher than last year.
  • In St. Joseph County, Ind., self-serve regular unleaded gasoline averages $3.64 per gallon, which is $.24 lower compared to last month and $.28 higher compared to last year.

Fuel prices are posted on-line at www.fuelgaugereport.com, which updates prices daily for unleaded, diesel and E85 blends of fuel.

SOURCE AAA-Chicago Motor Club

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