Gas prices in the Riverbend and Metro East are as low as they’ve been for the first time in almost four years. Prices dropped to below $3 per gallon for regular unleaded earlier this week and have held there for a few days. Prices across the river in Missouri started falling below $3 a few weeks ago and due to taxes in Illinois are about 20-cents cheaper.
A drop in crude oil prices is part of the reason we are seeing the reduction in gas prices. There is also a larger supply of gasoline right now in the U.S. and demand is down across the country. Plus, the U.S. is now producing more oil that ever before which adds to the drop in costs for consumers. Statewide in Illinois, the average gas price is still three-29-per-gallon but travel experts predict the lower prices will stick around for a while.