Kids 12 years old or younger have never seen gas prices as low as they are now in the Chicago area.
Illinois is one of nine states that hit a 12-year low Thursday. Michigan, Wisconsin, Indiana, Ohio, Minnesota, Oklahoma, Kansas and North Dakota are also on that lucky list.
So why is it so cheap right now? It comes down to simple economics, according to GasBuddy.com’s senior analyst Patrick DeHaan. Meaning, supply outweighing demand.
The national average Thursday sat at $1.70 per gallon, down 26 cents from one month ago, according to AAA Fuel Gauge report. In Illinois, the average fell to $1.53 a gallon, which is a 50-cent drop from a month prior. In the Chicago metro
DeHaan told USA Today that with such bulging supply, typically-unthinkable 99-cent gas prices are now a strong possibility.
