Gas prices drop around campus, still a tax on drivers

By Kristin Maiorano

Consumers are feeling some relief at the pumps this month. The average gas price in Illinois has decreased by over 30 cents a gallon since August 8th. American Petroleum Institute Senior Economist Sarah Banuzac says that crude oil prices can be affected by a variety of factors.

“The largest factor is actually a tight global market. Internationally, there’s a lot of political things that can contribute to the price of oil too, so political volatility in oil producing countries.”

Gas prices could also be affected by a drop in the price of ethanol, which was at a record high. Banuzac says that despite the recent drop, gas prices are still hard on a lot of people.

“There are lots of choices and lots of ways to keep your costs down if you need to, by combining trips or putting air in the tires or not running the AC in the shoulder season.”

The Department of Energy has forecasted the price of gas to be slightly higher this time next year.