Stateline area gas prices continue to stay below $2 per gallon

STATELINE – Average retail gasoline prices in the stateline area have fallen 7.6 cents per gallon in the past week, averaging $1.73/g as of last Sunday, according to GasBuddy’s daily survey of 139 gas outlets. This compares with the national average that has fallen 6.5 cents per gallon in the last week to $1.82/g, according to gasoline price website GasBuddy.com.

Areas nearby Rockford and their current gas price climate:

Chicago – $1.88/g, down 11.6 cents per gallon from last week’s $1.99/g.

Madison – $1.66/g, down 9.1 cents per gallon from last week’s $1.75/g.

Milwaukee – $1.66/g, down 10.5 cents per gallon from last week’s $1.77/g.

Including the change in gas prices in Rockford during the past week, prices last weekend were 24.8 cents per gallon lower than the same day one year ago and are 21.8 cents per gallon lower than a month ago. The national average has decreased 17.5 cents per gallon during the last month and stands 20.0 cents per gallon lower than this day one year ago.

“As the Northeast digs out from the brutal blizzard Jonas, commodities markets are attempting to dig themselves out of their recent hole,” said Will Speer, a GasBuddy senior petroleum analyst.

“Crude oil futures have lost 18% of value since the end of 2015 and have cleared the way for the retail gasoline price decline. Ample supply has been attributed as the cause of prices falling at the pump. Gasoline inventories sitting at 245 million barrels are the highest the U.S. has seen since March 1990,” he said.