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Gas prices are unlikely to see a significant decline in the near future, according to the U.S. Energy Secretary, Chris Wright. Speaking on Sunday, Wright noted that prices may not dip below $3 per gallon until sometime next year.
In Illinois, the situation is slightly more optimistic as AAA reports a minor decrease in prices, now averaging $4.31 per gallon. Nationwide, the average has also seen a slight reduction, dropping just below $4.05 per gallon. However, oil futures were on the rise as of Sunday evening.
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At gas stations, ABC7 has observed a growing trend of drivers opting to fill only half their tanks, a testament to the mounting frustration over escalating fuel costs.
Unfortunately, relief at the pump does not seem imminent, largely due to ongoing geopolitical tensions. The continued closure of the Strait of Hormuz is contributing to the uncertainty, causing both U.S. and global oil futures to climb.
According to GasBuddy, the average price of regular gasoline nationwide is currently hovering around $3.99 per gallon. However, they caution that with the rising oil prices, significant price increases could occur within the next couple of days.
Gas Buddy reports the nationwide average gallon of regular is at about $3.99, but they say there could be notable jumps in the next two days with rising oil prices.
An Indiana resident named Trac was forced to fill up some gas in Chicago on Sunday, where prices are much higher than she’s used to across state lines.
“I think I’m gonna have to start riding my horse or a bike, because we can’t afford to keep driving at these prices,” Tracy said. “Hopefully we’ll make it back to Indiana and fill up the rest there.”
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On Sunday, Secretary Wright warned that it may take some time for gas prices to drop and says Americans may not see a gallon of gas cost less than $3 until next year.
“That could happen later this year. That might not happen until next year, but prices have likely peaked and they’ll start going down,” Wright said. “Certainly with a resolution of this conflict, you’ll see prices go down. Prices across the board on energy prices will go down.”
That’s something Chicagoans say is already impacting their own spending habits, and causing them to work more.
“The mortgage is already high and you got bills to pay, kids need to go to college, so need to take care of all those bills, and it makes it hard for everyone,” Chicago resident Abraham Velezquez said.
Americans are now anxiously waiting for some relief from the conflict overseas.
In Chicago, the average gallon of regular is about $4.46.
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