Some drivers in the Chicago area have been only filling up about half their tank at gas stations as frustration continues to grow with the rising oil prices. It does not appear that drivers will see relief at the pump in the near future as uncertainty continues overseas.
ByGas prices may not be falling drastically anytime soon. U.S. Energy Secretary Chris Wright said Sunday gas prices may not go below $3 a gallon until next year. AAA says prices in Illinois are actually down slightly from a week ago, to $4.
31 a gallon. The national average is also down slightly, to just below $4.05 a gallon. Sunday night, oil futures were rising.ABC7 crews more and more drivers come by the gas station and only fill up about half their tank as frustration continues to grow with the rising prices. It does not appear that drivers will see relief at the pump in the near future as uncertainty continues overseas. Oil futures are reacting to the Strait of Hormuz remaining closed with no clear path ahead for a resolution. U.S. and global oil futures are rising. Gas Buddy reports the 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."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.In Chicago, the average gallon of regular is about $4.46.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Strait of Hormuz opens for commercial ships but the US blockade continues on IranIran's foreign minister declared the Strait of Hormuz is open. President Trump swiftly responded that the U.S. naval blockade on Iran will continue.
Read more »
San Diego drivers await gas price relief as the Strait of Hormuz reopensLaura Acevedo joined the ABC 10News team in April 2017 as a reporter and multimedia journalist.
Read more »
Iran Removes Sea Mines, Commits to Open Strait of Hormuz with U.S. AssistancePresident Donald Trump announces a significant diplomatic achievement: Iran, with U.S. help, is removing sea mines from the Strait of Hormuz and has pledged never to close it again. The deal also includes Iran suspending its nuclear program and the U.S. assisting with enriched uranium removal from key sites. This agreement aims to ensure the unimpeded flow of global oil and de-escalate regional tensions.
Read more »
Oil Prices Plunge as Strait of Hormuz Reopens Amid Conflicting ReportsGlobal oil prices experienced a significant drop after Iran's foreign minister announced the Strait of Hormuz is open for commercial ships. While President Trump suggested Iran agreed to never close the strait again, Iranian officials reportedly dispute some details. Despite the conflicting claims, oil markets reacted sharply, with prices crashing over 10%. International leaders cautiously welcomed the announcement, and experts anticipate relief at the gas pump for Americans, with potential price drops in the coming weeks. However, air travelers may still face elevated fares due to higher jet fuel costs.
Read more »
Ceasefire Holds as Tensions Ease Between Israel, Lebanon, and Iran; Strait of Hormuz ReopensA 10-day ceasefire between Israel and Hezbollah offers a critical de-escalation, potentially paving the way for extended truces with Iran and the US. The Strait of Hormuz has been declared open, leading to a drop in oil prices and a surge in U.S. stock markets. President Trump hailed the ceasefire as historic and announced potential high-level meetings.
Read more »
Trump Expects Iran War to End This Weekend, Strait of Hormuz Declared OpenPresident Donald Trump expressed optimism that the Iran conflict would conclude this weekend, citing a willingness from Iran to meet and negotiate a deal. He also announced that the Strait of Hormuz has been declared open for business, though a naval blockade related to Iran will remain in effect until a transaction is finalized.
Read more »