Gas Prices Jump 14 Cents Overnight; Analyst Can’t Explain Why

CHICAGO (CBS) — If you’ve filled your gas tank Thursday, you probably noticed a sudden spike in prices.

As WBBM Newsradio’s Regine Schlesinger reports, a Chicago oil analyst is at a loss to explain it.

LISTEN: WBBM Newsradio’s Regine Schlesinger reports

At some Chicago gas stations, just overnight, the prices jumped 14 cents a gallon.

Analyst Phil Flynn with PFGBEST in Chicago says there is no logical reason.

“Usually when you see this type of spike, it’s usually due to a refinery outage or something like this, but to get this kind of a spike ahead of the holiday, this dramatic, to me, is quote surprising,” Flynn said.

Flynn’s best guess for the sudden rise is dealers capitalizing on the expected crush of holiday travelers this weekend.

Flynn says this year has been a disaster for gas prices, which soared on news of the war in Libya and other events. But in recent weeks, prices have come down sharply, which makes the sudden jump all the more baffling.

  • Chicago

    Price gouging!
    Where is LIsa Madigan??????

  • bruce brainerd

    Why is the word greed missing? Hoe else does big oil make 10 Bil. per quarter?

    • Roberta Waker

      Amen. This big shot “analyst” can’t figure it out and it’s so obviousl. GREED, GREED, GREED. Time to boycott these stations whenever possible and I agree that Lisa Madigan SHOULD be investigating.





  • l

    Why isnt the news alowed to say that we are being blatently ripped off?

    Is it cuz the 1% owns all 5 news channels? All Christian, well, in name only not in action.

  • iris

    It’s called greed, greed, greed. I live in Chicago, but I will not gas up in Chicago.
    BTW, you people who charge less with a car wash.. got news for you, no business from me. Merry Christmas to all.

  • Tom

    14 cents a gallon? That’s it? I’m shocked this oil analyst is at a loss for how to explain it. Gas prices always spike this time of year. Prices in Springfield jumped 26 cents a gallon overnight this week.

  • Woofiness

    The gas station owners want their Christmas Bonus. Time to walk.

  • ugh

    Gas went up by 40 cents in Indiana yesterday. It was $2.97 yesterday morning and by last night, it was back up to $3.37

  • Jim Hamilton

    If people take about 3 days off work and I don’t mean during a christmas break but don’t even start their car shut America down for about 3 days that would get some attention

  • renee

    The attorney General should be called and given the addresses of the stations. Let’s protest and then the price will come down. When we sit by and do nothing, the gas station owners will keep doing it with a smile!

  • joecollege

    If everyone would watch the business channel and not all the other garbage on TV you would see the price of oil has spiked in the recent few days and the inventory of refined gasoline inventory was down. Translation, higher prices, supply and demand.
    I would agree on gouging though. Invest now in oil while price is relatively low. $5 a gallon fuel next summer wait and see

  • Centurion

    The analysts are idiots! They are paid idiots who guess at everything. Let me guess..the gas prices went up because….THE RETAILERS DECIDED TO RAISE THEM. Gee, imagine that..over nite, they changed the prices. Does that help you ANALysts at all?

    Another analysis for you…the market might go up…or the market might go down. Imagine that.

  • ugh

    It spiked because of the bombing in Iraq ysterday. Anything that happens in the Middle East, oil futures go up and then gas prices.

  • Toonces

    You live in ILLARIPOFF; that’s why!

  • Afro

    Dumba$$ analyst should be fired if he or she can’t figure this one out

  • Obombo Smith

    I KNEW when they didn’t jack the gas up at Thanksgiving, they WOULD at Xmas. Why? BECAUSE THEY CAN! Bunch of CROOKS!!

  • MB

    I filled up Thurs. morning in the burbs for 3.15, by 6pm it was 3.39 at the same station!

  • » ~ JP Today {Pay Attention} Iran’s Navy Begins 10-Day Drill in Persian Gulf

    […] was a story December 22nd that caught my eye & made me start thinking: Gas Prices Jump 14 Cents Overnight; Analyst Can’t Explain Why. Combine this with a false story that circulated the internet as something […]

  • Cal Mccaslin

    In our area anywheres from a week to three days before a Holiday, Deer Season, or Festival the prices jump from 5-12 cents per gallon. The name of the game with them is greed

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