Expert: Gas Prices Expected To Fall As Summer Ends
(CBS) -- You might be sad to see the warm days of summer drawing to a close, but, WBBM's Regine Schlesinger reports the change of seasons brings good news for consumers.
At least when it comes to gas prices, the start of fall means less money going to fill your tank. Patrick DeHaan, senior petroleum analyst with GasBuddy.com says prices already are falling, down to an average in Chicago of about $3.75.
"Today is the last day of that doggone summer gasoline that costs more to produce. So once we get that out of the system, prices should really begin easing."
He foresees even lower prices between Thanksgiving and Christmas when the average price of a gallon could drop below 3-and-a-half dollars. And he believes the downward trend will last into next year, thanks to increased U.S. production through fracking and the development of shale oil sources.
DeHaan says lower gas prices should help boost the economic recovery as consumers save at the pump and have that spare money to spend on other things.