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Gas prices falling in Chicago

Updated: November 15, 2011 12:25PM

Motorists are enjoying the lowest gasoline prices in weeks, but it’s largely because Chicago no longer has to sell a specific blend of gasoline for the summer season, an expert said Monday.

The average price of a gallon of regular on Monday stood at $3.64 in the Chicago metropolitan area, down 11 cents from a week ago. That’s a drop of 38 cents from a month ago, but 72 cents a gallon higher than a year ago. But at this time in 2008, the average price was 42 cents a gallon higher.

Though much of the decline is due to the end of Chicago’s summer blend of gasoline — a unique blend that is limited to the local market and thus more expensive — energy analyst Phil Flynn predicted that gas prices may drop another 10 to 25 cents by Christmas.

“To get people back in their cars, prices will have to go lower,” said Flynn, an analyst at Chicago’s PFG Best.

Unpredictable events such as floods, hurricanes, pipeline outages and Libya’s future after the overthrow of Col. Muammar el-Qaddafi could still affect gasoline prices, he said.

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