AAA: Flooding Has Gas Prices Going Back Up, But Temporarily
CHICAGO (CBS) – Chicago area gasoline prices have been on a roller coaster the past few weeks. Right now, they’re on the upswing, but analysts don’t expect the increase to last long.
Last week’s floods are being blamed for causing a spike in gasoline prices according to AAA Chicago spokeswoman Beth Mosher.
Mosher pointed out that prices a week ago today across Chicagoland averaged $3.82 a gallon for regular unleaded. Now, they’re up to almost $4.14 a gallon. A month ago, prices averaged $4.00 a gallon.
“Really, floods are the cause of this,” Mosher said, explaining the flooding led to concerns about gasoline production at refineries in Joliet and Whiting, Ind. “Things that may not send prices as high in other regions certainly send prices higher in the Chicagoland area.”
Mosher said the increase is believed to be a temporary spike, and prices should go down again soon.
“We’re starting to see prices in other areas of the Midwest, that were also affected, come down already,” Mosher said. “Before the floods happened, we were starting to see prices relax a little bit in Chicago, and so hopefully we’ll be back to that sometime soon.”
One note: a year ago, gas prices in the Chicago area averaged eight cents a gallon more than the current price.