Tensions In Iran Jacking Up Oil, Gas Prices Everywhere

CHICAGO (CBS) — Oil prices are spiking after Iran cut off exports to Britain and France and threatened to expand the embargo to other European countries, and that means gas prices are skyrocketing too.

“They are getting pretty ridiculous,” one man said Monday morning.

LISTEN: WBBM Newsradio’s Regine Schlesinger reports

But as WBBM Newsradio’s Regine Schlesinger reports, if you think gas prices are ridiculous now, just you wait.

Analyst Phil Flynn of PFGBEST says oil prices are going up because of the fear factor.

“There’s panic buying going on, you know, across the globe. A lot of countries outside the United States are very worried that they’re not going to be able to get their hands on this high-quality Iranian crude, and they’re looking for alternatives,” Flynn said, “and so, that is driving up the cost of oil pretty much across the globe.”

Flynn says if, somehow, tensions over Iran ease, oil prices may collapse.

But if the situation escalates, Flynn says we could see prices of $5 per gallon at the pump.

According to ChicagoGasPrices.com, on Monday morning, the highest price for a gallon of regular unleaded gasoline was at Charley’s Service Center, at St. Charles Road and Harvard Avenue in Villa Park, where the price was $3.99. Also toward the top were the Mobil station at 1106 W. Fullerton Ave. near DePaul University, where the price was $3.96, and the Shell station at 18th and Ruble streets just off the Dan Ryan Expressway, where the price was $3.95.

The lowest price was a tie between the Costco at 830 E. Boughton Rd. in Bolingbrook, and the Sam’s Club at 7430 Woodward Ave. in Woodridge, both of which posted prices of $3.29.

  • Smoooth

    Is it the FEAR factor or is it the GREED factor.

    • Afro

      If i may, i would say it is not greed on the Iranians part because if it were greed, they would be trying to sell the oil. We (The US Government) putting its nose where it doesn’t belong is the problem here. Now we all know that with all of the sanctions that have been imposed on Iran, they do not supply a lot if any of our oil, so what we feel here in the US is price gouging. Iran is not out problem, Israel is not our problem, Our Government is our problem. Israel doesn’t even want us involved.


    • Jim

      How would you define greed? The desire to make as much money as possible? Maybe the drive to generate the highest profit possible? How about making sound financial decisions in the effort to create as much revenue as possible? Really, I’d like to hear your insight.

  • tony

    I want gas at 6.00 a gal in the city .That would cap my thoughts about not coming to chicago

  • billyderwfirecrew

    greed thats when a few has money to feed there selfs and millions go hungry like in this country 6 out of 10 kids go to bed hungry children at school gets feed bolonga or peanutbutter sandwiches apparenly jim has never seen a hungry child

    • Jim

      @billy, How is that greed? Are you suggesting that the haves should hand over some of their wealth to the have-nots? And if they don’t, they are greedy? You sir are an idiot!!!

  • GuessWho

    Where the hell did you go to school? You have way to many misspelled words, and your sentence is big run on with no punctuation at all, not even a period at the end.

    there selfs should be (Their selves or Themselves), feed bolonga should be (fed bologna), peanutbutter should be (peanut butter), apparenly should be (apparently), The word jim you used happens to be a proper noun, and should start with the capital letter “J”. Now, all that said why should anyone be convinced that you would know the definition of greed? You can’t even spell greed with out looking at the blog above yours.

    • GuessWho


      Furthermore if 6 of your 10 kids go to bed hungry, you should get a better education so you can try to acquire a better job (something you should have done before having so many kids). You are the prime example why we need abortions, and I’m pro life.

      • billyderwfirecrew

        where the hell do you live in a sewer ditch staw away and here is your period……………………………………………………………………………………………………………………………………………………………………………………………………………………..

  • THEE Yard Ape

    Use neutron weapons and annihilate these fuking dune coons once and for all!!!! If this lousy country ahd balls enough to do that we would be paying $1 per gallon. BTW- as a bonus, hang all the future’s speculators as an example to others who may try this sh!t!!!!

    • billyderwfirecrew

      i wished i would have said that

    • Paul

      Damn those speculators for making money! How dare they!

      • THEE Yard Ape

        @Paul – Don’t give me that sh!t. I’m not anti-capitalism. I have no problem with someone earning a honest, decent dollar, but what these @ ss holes do goes far beyond decency. I’m sure that you support the insider trading on capital hill also. Just making $$ right??!!

    • Afro

      Indeed so YA very true

  • http://www.politicalhotwire.com/current-news-events/65560-white-house-says-let-them-eat-cake-2.html#post1761035 White House Says..."Let them Eat Cake".... - Page 2

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