CHICAGO (CBS) — Uncertainty in the Middle East has led to another spike in gasoline prices, with the average price per gallon more than 55 cents higher than this time last year.
The average retail price for a gallon of gasoline rose 2.8 cents per gallon in the past week to $3.39 in the Chicago area. That’s 56.6 cents higher than one year ago and 7.6 cents per gallon higher than a month ago, according to ChicagoGasPrices.com.
Across the border in Northwest Indiana, prices are about 20 to 25 cents per gallon cheaper–mostly due to higher state and county gasoline taxes in Illinois.
The increase also outpaces the national average, which rose 6.9 cents per gallon in the past week and 51.5 cents from a year ago.
The Lundberg Survey of fuel prices released Sunday found the average national price of a gallon of regular is $3.18. Billings, Mont., had the lowest average price among cities surveyed at $2.95 a gallon for regular. San Francisco was the highest among surveyed areas at $3.54, according to Lundberg.
“A lot of the price surges … have come from fears and concerns about political upheaval in the Mideast,” said analyst Trilby Lundberg.
Anti-government protests have erupted across the region and led to the ouster of Hosni Mubarak in Egypt. Hundreds of people have been killed in protests against Libyan leader Moammar Gadhafi