Chicago gas prices are cheaper this year
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Chicago drivers spent an average of $3.71 for a gallon of gas in February, per GasBuddy data. That's about a 7% drop from the same time last year, Axios' Alex Fitzpatrick reports.
- Nationally, gas cost about $3.40/gallon in February — down 6% year over year, but up 2% from January.
The big picture: Cheaper gas is good news for U.S. consumers, especially commuters.
Yes, but: Lower prices may disincentivize drivers from switching to more efficient cars, going electric or embracing public transit — all of which can have big environmental benefits.
Why it matters: More than three-quarters of American commuters drive to and from work, making them particularly sensitive to gas prices — especially as other basic goods get more expensive.
- When gas is high, many Americans blame whoever's sitting in the Oval Office — even though, as Axios' Andrew Freedman has reported, the president lacks significant control over the cost of commodities priced on global markets, oil included.
Driving the news: Crude oil prices have fallen over the past year, leading to cheaper automotive gas.
- A barrel of West Texas Intermediate crude cost around $76 in late February, down from about $122 in June 2022.
- Oil prices spiked last year amid uncertainty over Russia's invasion of Ukraine and economic sanctions against Russia — a major oil producer — that followed.
- While the fighting drags on, oil markets have largely stabilized, as CNN reports.
Reality check: As Axios' Joann Muller recently found, charging up an EV isn't always significantly cheaper than filling a tank with gasoline — especially on road trips.
- Electric cars aren't perfectly clean, either. Mining for the requisite materials can damage local ecosystems, while EVs' environmental benefits are decreased if they're charged with "dirty power" from, say, a coal plant.