Gas prices, price down as AAA expects increase in holiday travel

Gas prices, price down as AAA expects increase in holiday travel

CHICAGO (CBS) — Friday is expected to be the busiest travel time for the holiday weekend. And after a summer of high gas prices – we’re finally getting a little relief.

Gas prices in Chicago are sitting a little below $5 at $4.88 per gallon. Across the state of Illinois, prices average $4.14 a gallon, and $3.80 per gallon nationwide.

AAA says about one-third of Americans are planning to travel for Labor Day weekend.

Fuel prices are down about a dollar nationwide after peaking in June. But that may have more to do with the global economy.

“Much of the reason that we’ve seen the big decline in gas prices over the last eleven weeks is really focused on concerns over the broader economy,” said Patrick De Hann, Gas Buddy. “The federal reserve raising interest rates very aggressively is likely to induce an economic slowdown which could cause global demand to slow down.”

Despite the global pressure, airline tickets are actually the cheapest they’ve been since February.

The cost of renting a car dropped about 20% since June, but all travel is still more expensive than it was last year.

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