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CBS 2's Jim Williams reports months ago governments they didn't anticipate today's plunging oil prices, so now they have extra money. But one analyst warns: don't be so quick to spend it on other things.
That gas station on the corner that's been selling gas under $2 is suddenly up by 10-15 cents today.
You've probably noticed by now that gas has fallen to its lowest price in almost a decade. Drivers are now asking themselves how long will it last?
Phil Flynn, senior energy analyst at The PRICE Futures Group said it's the result of a price war being waged between OPEC – especially Saudi Arabia – against American energy producers.
If you're feeling a little giddy when it's time to refuel, you're not alone, reports WBBM's John Cody.
Falling gas prices are great news for motorists and maybe not so good for U.S. companies down the road.
Motorists will continue to enjoy the lower prices at the gas pump.
Drivers are doing double takes when they go to fill up.
Gas prices have been coming down recently and motorists are liking what they see.
The average price of a gallon of regular unleaded in Illinois was $3.46 on Friday, down about 10 cents compared to last month, according to the AAA. In the Chicago area, the average price is $3.61, and prices are even lower across the region.
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.
Nationally, gas prices were at a six-year high for this time of year, hitting a U.S. average Tuesday of $3.67 a gallon for unleaded regular. That's up 18 cents from a year ago. Average regular gasoline prices were even higher Tuesday in Illinois, at $3.83; in the Chicago area, at $3.98; and in Chicago, at $4.23.
With 41 million Americans expected to travel this year, highways and airports will be packed with travelers looking to take advantage of the 3-day weekend.
The insurgent violence in Iraq and threats to oil facilities there have pushed the price of crude oil to more than $107 per barrel. That has translated to higher gasoline prices, nowhere higher than Chicago.
Patrick DeHaan, senior petroleum analyst at GasBuddy.com, said even he was surprised at how much gas prices jumped on Thursday, just in the time between when he went to work and when he got home.
Patrick DeHaan, senior petroleum analyst for GasBuddy.com said lingering effects of the harsh winter were to blame for the recent spike in gas prices.
Pain at the pump? CBS 2's Derrick Blakley tells us what's behind the latest spike.
Gasoline prices in Chicago are at their highest levels in six months.
Average retail gasoline prices in Chicago have risen 4.8 cents per gallon in the past week, averaging $3.46 on Sunday.
A day after CBS 2's Ed Curran reported on plummeting gasoline prices, they've spiked in a matter of hours. On a day with no new war, no natural disaster, what's going on?
There were some initial fears the Citgo refinery in Lemont could be shut down completely for six months or more, after a large fire last Wednesday night.
A fire overnight at an oil refinery in southwest suburban Lemont could affect prices at the pump in Chicago.
The mayor of southwest suburban New Lenox has had enough with high gas prices in his town, and he wants to do something about it.
About 2 million people are expected to hit the road for the Labor Day weekend, and in the Chicago area, they'll be getting a big break on gas prices compared to last year, even though prices made their predictable holiday spike this week.
Experts say the upcoming holiday could be the busiest Labor Day weekend for travel since the start of the recession in 2008.
A tornado touchdown has been reported in Lena, Illinois, about 48 miles west of Rockford, part of a massive storm system that is barreling toward Chicago Friday afternoon.
Moisés Ballesteros, Nico Hoerner and Ian Happ homered, and the Chicago Cubs handed the Mets their ninth straight loss, pounding New York 12-4.
A specially designed playground in the West Pullman neighborhood is making a difference, addressing flooding and the impact of climate change across Chicago.
The superintendent of Oswego School District 308 has sent a follow up letter to parents after the district sent an offer of remedial summer help to all minority students.
With the Fox River already running high and fast, people who live along its banks are bracing for flooding, with more rain on the way on Friday.
President Trump spoke with CBS News Friday in a new telephone interview.
The House OK'd a short-term renewal of a controversial surveillance program used by U.S. spy agencies, after Republicans revolted and refused President Trump's push for a longer extension.
Chicago residents, businesses, and city employees altogether owe the city more than $8.1 billion in overdue debt, some of it dating back to the 1990s, according to a report from the city's inspector general.
But underground construction work on a presidential bunker underneath the ballroom can continue, the judge said.
The City of Chicago on Thursday kicked off bus tours as part of its new reparations initiative.
A passenger on an American Airlines flight from New York to Chicago has been charged with making a false bomb threat that forced an emergency landing at Detroit Metro Airport last month, according to a federal criminal complaint.
Skyrocketing property taxes continue to be a hot-button issue in Cook County — particularly since last fall, when many residents saw their tax bills increase by 100% or more.
Illinois Secretary of State Alexi Giannoulias this weekend issued a warning about a surge in text messages that falsely claim to come from his office or the DMV within it.
Tenants at a South Loop luxury high-rise that has been plagued with problems like broken elevators are vowing to fight five-day eviction notices.
It's become an annual March Madness tradition at CBS Chicago, pitting our city's best eateries in direct competition in a foodie bracket challenge. We did pizza, we've done Italian beef, we've done Chicago dogs. This year, we're taking flight with wings.
It has been several weeks since West Suburban Medical Center in Oak Park, Illinois, abruptly shut down — and then on Wednesday, it just as swiftly partially reopened, with some services available.
The Centers for Disease Control and Prevention says more than 80% of deaths related to pregnancy are preventable, and Black women are three times more likely to die from pregnancy-related causes than white women.
The United States has long struggled with understanding and finding ways to help treat mental illness. A new documentary, which is screening Saturday in Chicago, examines the reality of living with mental illness in America.
Allergy season is here, and the dreaded pollen can trigger sneezing, congestion, wheezing, and shortness of breath.
Northwestern Medicine and the American Red Cross teamed up for a community blood drive in Chicago on Monday morning.
A new restaurant has joined the busy stretch of Halsted Street toward the south end of Chicago's Lincoln Park neighborhood that is also home to Alinea and Boka.
The federal government is suing Illinois, Connecticut and Arizona over efforts to regulate prediction market operators such as Kalshi and Polymarket.
The owners of the popular Uncommon Ground restaurant, live music venue, and brewery in Chicago's Wrigleyville community announced this week that they're looking for a successor to take over the business.
Chicago consistently ranks in the top three cities in Fortune 500 company headquarters, and now a competition has been launched to build on Chicago's power in business.
The flagship Ann Sather restaurant on Belmont Avenue in Chicago's Lakeview community will be moving later this year, a restaurant representative said Tuesday.
Blues icon and world music pioneer Taj Mahal will be headlining the Chicago Blues Festival this June.
The United States has long struggled with understanding and finding ways to help treat mental illness. A new documentary, which is screening Saturday in Chicago, examines the reality of living with mental illness in America.
Afrika Bambaataa, a rapper and producer, was best known for breakthrough tracks like 1982's "Planet Rock" and for founding the Universal Zulu Nation art collective.
Mozart's "Don Giovanni," the local premiere of the 2022 opera "Omar," and a fresh production of "Guys and Dolls" are among the highlights of the 2026-2027 season for Chicago's Lyric Opera.
Federal magistrate Renee Harris Toliver told Pooh Sheisty that the evidence against him is strong.
A tornado touchdown has been reported in Lena, Illinois, about 48 miles west of Rockford, part of a massive storm system that is barreling toward Chicago Friday afternoon.
Three people were hurt when a speeding SUV struck a bicyclist and then a car dealership, ending in a rollover crash in Gage Park.
The first of two rounds of severe storms are approaching the Chicago's northwest suburbs as of 4:30 p.m.
The U.S. government is set to launch an online portal next week that lets businesses request refunds for Trump's tariffs, which were deemed illegal by the Supreme Court.
After a jar of Nutella was seen floating in space with the Artemis II crew, the company unveiled a new flavor.
The entire Chicago area is under a tornado watch as two rounds of severe storms are racing toward us from the west.
A tornado touchdown has been reported in Lena, Illinois, about 48 miles west of Rockford, part of a massive storm system that is barreling toward Chicago Friday afternoon.
The Civilian Office of Police Accountability released video Friday of the deadly shooting that killed Chicago Police Officer Krystal Rivera in 2025.
A specially designed playground in the West Pullman neighborhood is making a difference, addressing flooding and the impact of climate change across Chicago.
The superintendent of Oswego School District 308 has sent a follow up letter to parents after the district sent an offer of remedial summer help to all minority students.
A specially designed playground in the West Pullman neighborhood is making a difference, addressing flooding and the impact of climate change across Chicago.
A tree planting initiative has kicked off in Chatham, among the Chicago neighborhoods most plagued by flooding, to help with the persistent problem.
Chicago residents, businesses, and city employees altogether owe the city more than $8.1 billion in overdue debt, some of it dating back to the 1990s, according to a report from the city's inspector general.
Some parents in southwest suburban Oswego are fired up, saying the school district invited all non-white students to participate in summer remedial programming, regardless of how they're doing in school.
New proposed Illinois legislation would allow renters or people who can't install massive rooftop panels to also harness the power of the sun.
Moisés Ballesteros, Nico Hoerner and Ian Happ homered, and the Chicago Cubs handed the Mets their ninth straight loss, pounding New York 12-4.
The University of Notre Dame and Villanova will kick off both their men's and women's 2026-2027 basketball seasons with an international game in Rome.
Junior Caminero homered and the Tampa Rays scored twice on bases-loaded walks in the ninth inning, rallying for a 5-3 win over the Chicago White Sox.
The Blackhawks won four of their last 15 games and three of their last 11 home games, but finished with 72 points, 11 more than last season.
Nico Hoerner drove in a career-high five runs, Shota Imanaga struck out 11 in six strong innings and the Chicago Cubs routed the Philadelphia Phillies 11-2 on Wednesday night.
A well-known café and newsstand in Chicago's Portage Park neighborhood was damaged early Thursday morning when a stolen car that police were pursuing crashed into it.
Gregory Morgan Jr. of Temple Hills, Maryland, was charged Thursday morning with two counts of second-degree assault in the Feb. 5 incident.
Members of the Cook County State's Attorney's office visited CTA train stations across Chicago on Thursday.
Former Virginia Lt. Gov. Justin Fairfax shot and killed his wife and then turned the gun on himself what police described as a murder-suicide in their home in Annandale, Virginia, police said Thursday.
Chicago police on Wednesday issued an expanded community alert about a rash of incidents in which thieves broke into vehicles and stole construction equipment in and around downtown Chicago.
