Chicago gas prices frustrate drivers, experts say Trump's oil deal could take years to be felt

Chicago drivers are frustrated with constantly fluctuating gas prices amid the U.S. war with Iran, and experts say President Trump's new deal with Venezuela could take years to make a difference.

In the city of Chicago, gas is more than 60 cents higher per gallon than it was at this time in 2026, but cheaper than it was last week.

It's likely drivers will continue to see prices fluctuate, and the drivers that spoke to CBS News Chicago Monday said they'll believe lower gas prices are ahead when they see it.

"Gas prices are extremely, extremely high," said Simone Jackson. "You just put $20 and get four gallons worth of gas."

Jackson's grandson gifted her a car a week ago, but it's already an expense that's getting hard to maintain.

"It's like gas, insurance, food. You gotta make some life decisions," she said.

We told her about Mr. Trump's new deal with Venezuela and how the president said it will give the U.S. majority control over roughly 60 billion barrels of Venezuelan oil, refilling the U.S. Strategic Petroleum Reserve.

"I like relief, but is it going to be relief for us, for America?" Jackson wondered.

Energy experts say it could take anywhere from five to 15 years before enough Venezuelan oil makes it to the U.S. that we feel an impact at the pump.

"I feel like it's been a cycle – go down, come back up," said driver John Melody.

He is skeptical his wallet will see a difference from Trump's new deal.

"I don't know if we'll feel the change," he said.

According to GasBuddy, in Chicago average gas prices are down a little over 13 cents per gallon in the last week, and down over 12 cents a gall from a month ago.

Right now, gas was almost $5 a gallon at a BP station on LaSalle and Ontario.

While there are many forces influencing oil and gas prices, and many moving parts to the situation1, overall experts say if you're expecting to see a big drop in gas prices, don't hold your breath.