Gas Prices Continue Spike In Chicago; Over $4 Gallon

CHICAGO (CBS) — Gasoline prices continue to spike in Chicago, with one station now selling a gallon of unleaded regular for over $4 a gallon.

The average price of a gallon of gas has increased three cents since Monday to $3.62 a gallon in Chicago, according to

LISTEN: Newsradio 780’s Regine Schlesinger Reports

Newsradio 780 confirms that the BP station at 755 W. Lawrence Ave., near Lake Shore Drive, is selling gas for $4.09 a gallon. Other stations in Chicago are selling gasoline for as much at $3.95. And as unrest in Libya and the Middle East continues, prices well over $4 across the area appear inevitable, analysts say.

And airlines are also increasing their fares to cover the higher fuel costs, just has travelers prepare for their summer vacations.

“As we continue to get closer to the summer, I do expect to see the everyday airfares creep up, $10, $15 $20 every other week or so until we hit summer,” said Tom Parsons of

Marketwatch chief economist Dr. Irwin Kellner says the trickle down effect is beginning, meaning consumers will see an increase in everyday items because it will cost more to transport goods to retail stores.

LISTEN: Newsradio 780’s Mary Frances Bragiel Reports

“Everybody is indirectly affected by the higher price of gasoline because in the final analysis trucks are used to transport goods to retail stores,” said Kellner.

Experts also worry that the rising prices could reverse the nation’s economic recovery as consumers curtail spending to cover the increased costs. And a reduction in spending could lead to higher unemployment.

“The reduction in buying power will cause a slowdown, if not worse, for the economy,” said Kellner. “It’s a lose-lose situation.”


    When the heck is the gov. going to step in and stop these speculators from inflating oil prices !!!??? Lousy greedy thieves!!!!! This country is F’ed with a capital F!!!!

  • TH

    We recently drove to Florida for Thanksgiving and every station from here to there was $2.66/gallon and in Chicagoland it was $3.30-$3.55/gallon. Why do we get charged more? We have some of the biggest oil refineries right here. What’s the point of all these overpaid politicians if no one is looking into anything that happens to the citizens. It is SO obvious we are getting scammed in this area and no one is doing anything about it.

  • lairdglencairn

    wow cheap gas prices – in UK we pay $9 / gallon – quit whingeing !

  • Lew

    Pat Quinn is not going to do anything about the high price of gasoline because the state benefits from the high sales tax. That moron can’t think creatively about balancing the budget or cutting back on spending, health care costs and pensions. Instead, it’s a lot easier to rape the tax-paying, middle class consumers. Thanks all your welfare-recipent losers that voted for him.

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