Gas prices forecasted to slightly dip then spike

Gas prices
Gas prices(Source: MGN)
Published: Mar. 27, 2023 at 1:09 PM CDT
Email This Link
Share on Pinterest
Share on LinkedIn

ROCKFORD, Ill. (WIFR) - While the retail price response from a 17% drop in U.S. oil is underway, fuel economists set minimal expectations on lower prices at the pump.

Drivers filling up in the Rockford metro pay an average of $3.63 per gallon Monday―roughly 20 cents more per gallon than last week despite the flux in oil prices. AAA reported a 4% recoup of those losses to date.

Economists note that retail prices usually take two weeks to reflect oil adjustments, forecasting a possible light dip in the price followed by a rise next week.

Rockford gas prices are on par with Illinois cities like Peoria ($3.66) and Springfield ($3.63) but significantly lower than downtown Chicago averages ($4.08) and fuel prices in the Chicago suburbs ($3.85).