Gas Prices Continue To Spike In Chicago Area

CHICAGO (CBS) — You’re not seeing things. The price of gasoline is shooting up to levels that Chicagoans haven’t seen in a couple of years.

LISTEN: Newsradio 780’s Bernie Tafoya Reports

In Chicago, the average price of a gallon of unleaded gasoline jumped overnight to $3.50–which is 17 cents higher than just one week ago, according to the AAA Chicago Motor Club.

One year ago, Chicago motorists were paying an average of $2.84 a gallon. These are the highest prices seen since 2008. The highest prices in the United States? Hawaii at $3.76 a gallon.

Anti-government protests in Libya have continued to create nervousness in the oil markets–which is driving prices higher. Oil production in the North African county has ground to a halt.

The price of a barrel of oil was trading around $97 on Friday, which down from a high of $103 barrel earlier in the week.

Dan Ronan of AAA said there is no reason for gas prices to shoot up so high, so quickly.

“If the situation in Libya deteriorates, and there has been talk of sabotaging oil fields, and it spreads to other nations along the Persian Gulf, clearly there is going to be a supply problem,” he said. “Right now, we don’t have a supply problem.”

  • Mom & Dad

    Yet another reason to leave Chicago. And I’m NOT looking for these stories, they are on Yahoo’s front page which I have to go thru to get to my e-mail.


  • iris

    I don’t buy gas in Chicago.

  • Ratboy

    It sucks that we are paying higher gas prices on gas that was purchased at lower
    cost, Don,t tell me that all these gas stations just filled their holding tanks.
    TIME to release the reserves after all we the tax payers own it.

  • Ted

    Gas prices are shooting up. Libya is about 2% of the world supply and their oil fields are still working. The worlds population is using about the same abount they did a couple of weeks ago and producers are producing about what they did a couple of weeks ago. I also read that US oil inventory is high because people are using less gas than they did a year ago because of less driving and fuel efficient cars. Prices are going up mainly because of commodity speculators. The fast buck guys are trying to make a killing before things normalize by fanning the fear brought on by the current situation in the middle east.

  • Judie Allen

    The prices are just going to continue to go up….It’s horrible no matter where you live. I’m grateful to be getting mine for free!!

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