Gas Prices On The Rise In Chicago
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em>UPDATED 11/5/10 11:43 a.m.
CHICAGO (CBS/WBBM) - Gas prices are leaving consumers less than thrilled right now. They’re going up.
WBBM Newsradio 780’s Mike Krauser reports that the average price for a gallon of regular unleaded will likely rise 5 to 15 cents a gallon. GasBuddy.com senior petroleum analyst Patrick DeHaan issued the prediction Friday.
LISTEN: Newsradio 780’s Mike Krauser Reports
The rise in gas prices was caused by “quite a few things contributing all at once, kind of a perfect storm scenario,” DeHaan said.
First, there was a small refinery fire in Lemont, which DeHaan called “kind of overdone.
“And then the fact that traders were reacting, simply because a lot of other refineries are undergoing maintenance, so there’s limited supply available,” he said.
On top of that, DeHaan said, the Federal Reserve injecting currency into the economy.
“To that typically weakens the U.S. dollar, which pressures oil prices upwards as well,” he said.
In further addition, the U.S. Energy Department is reporting higher demand and shrinking inventories.
Thus, consumers in Chicago and elsewhere are paying more at the pump.
As of Friday morning, the average price for a gallon of gas the Chicago area is $2.97, up 2 cents the past couple of days.
AAA says the average in Illinois is $2.90 per gallon.
But of course, it’s all relative. In the summer of 2008, gas prices peaked at an average of more than $4 a gallon.
WBBM Newsradio 780’s Mike Krauser contributed to this report.