Commercial passenger flights always list the time AT THE PLACE where
the event took place. The data you gave in your question means that the
flight departed ORD at 8:00 AM Central (Chicago) Time, and arrived LAX
at 12:00 PM Pacific (Los Angeles) time.
Since the trip spanned two time zones, it was actually in the air for 6 hours.
Average speed = (distance) / (time to cover the distance)
= (1,700 miles) / (6 hours) = (283 and 1/3) miles per hour.
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But that wasn't what you had in mind, was it.
You meant that the flight took 4 hours.
In that case, the average speed was
(1,700 miles) / (4 hours) = 425 miles per hour.
This is a much more reasonable average speed for a long haul
passenger jet airliner.