Good news for drivers. Experts say the price at the pump is going down.
Oil barrel prices are on a downward spiral which is just in time for the summer travel season.
According to AAA, in the Chicago area, Independence Day travel is predicted to tie a record for the highest volume in a decade.
The average gas prices right now in the city of Chicago according to AAA is $3.97 and in the surrounding areas, $3.72.
GasBuddy.com predicts they will range between $3.35 and $3.50 heading into the summer travel season.
Financial analyst Phil Flynn says it's a good news, bad news situation regarding why we're seeing a price drop.
"The good news of course, we're producing more oil than we have since the 1960's. New technology is making the U.S. a major oil consumer. We're also seeing a lot of oil come down from Canada with the Canadian oil sands," Flynn said.
"The bad part of this story is the global economy. It's slowing right now. It's contracting and when that happens, demand for oil goes down and so do prices," he said.
Flynn says barring any type of disaster, gas prices will continue to drop by July 4.
"We have a tropical wave in the Gulf of Mexico. There's still concerns about Iran with the war," Flynn said.
Friday, May 24 2013 12:58 PM EDT2013-05-24 16:58:00 GMT
CTA Ventra payment card holders who use the card's controversial debit features won't be charged for talking to public transit customer service operators or using the cards for cash ATM withdrawals.
CTA Ventra payment card holders who use the card's controversial debit features won't be charged for talking to public transit customer service operators or using the cards for cash ATM withdrawals.
Friday, May 24 2013 9:32 AM EDT2013-05-24 13:32:16 GMT
Some aldermen have questions as a City Council committee gets ready to hold a hearing on Mayor Emanuel's proposed changes to the Chicago parking meter deal.
Some aldermen have questions as a City Council committee gets ready to hold a hearing on Mayor Emanuel's proposed changes to the Chicago parking meter deal.
Thursday, May 23 2013 10:40 PM EDT2013-05-24 02:40:45 GMT
Things are going to be very busy at Chicago's O'Hare International Airport this weekend. Many travelers will also hit the roads for Memorial Day, and they'll pay the price at the pump.
Things are going to be very busy at Chicago's O'Hare International Airport this weekend. Many travelers will also hit the roads for Memorial Day, and they'll pay the price at the pump.
Former Groupon exec Jayna Cooke founded Closet Angels, a new organization that sells donated designer clothing and all the proceeds benefit St. Jude Children's Research Hospital.
Former Groupon exec Jayna Cooke founded Closet Angels, a new organization that sells donated designer clothing and all the proceeds benefit St. Jude Children's Research Hospital.
FOX Business Network's Jo Ling Kent shared advice about a phishing scam traversing Twitter right now, that could be sitting in your direct message inbox. If you don't know where a link will lead you, don't click on it!
FOX Business Network's Jo Ling Kent shared advice about a phishing scam traversing Twitter right now, that could be sitting in your direct message inbox. If you don't know where a link will lead you, don't click on it!
Mommy beta blogger and home & family technology expert Natali Morris shared some quick tips to save cash on household costs this summer, like using a land line, smart appliances and cloth diapers.
Mommy beta blogger and home & family technology expert Natali Morris shared some quick tips to save cash on household costs this summer, like using a land line, smart appliances and cloth diapers.
David's Tea teamed up one of Chicago's hottest artisinal cocktail lounges, Chicago's Violet Hour, to create a new line of summer drinks! Lisa Tipton and Tyler Fry joined Good Day Chicago to explain.
David's Tea teamed up one of Chicago's hottest artisinal cocktail lounges, Chicago's Violet Hour, to create a new line of summer drinks! Lisa Tipton and Tyler Fry joined Good Day Chicago to explain.
Wednesday, May 22 2013 8:53 AM EDT2013-05-22 12:53:15 GMT
Illinois' congressional delegation has asked President Obama to add 16 Illinois counties to the list of those eligible to receive disaster aid after last month's flooding.
Illinois' congressional delegation has asked President Obama to add 16 Illinois counties to the list of those eligible to receive disaster aid after last month's flooding.
On this week's Ask the Expert, Redfin real estate agent and local housing market expert Jenna Smith answered your questions about pre-financial crisis prices, a good time to buy and what "comps" are.
On this week's Ask the Expert, Redfin real estate agent and local housing market expert Jenna Smith answered your questions about pre-financial crisis prices, a good time to buy and what "comps" are.
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