CHICAGO (CBS) — One of the biggest overnight gas hikes we’ve seen in quite some time occurred Wednesday, with some stations raising prices 50 cents.
In the last several hours alone, there was a 40 cent jump per gallon at a Speedway in Summit, Illinois.
So, what’s behind the sudden spike? CBS 2’s Jim Williams reports that there are several reasons you are now paying more.
One gallon of gas at the Speedway is $2.95 as of Wednesday evening — it was under $2.60 that same morning.
Maryann Howard, who just filled up a few days ago, said she had to do a double take at the pump Wednesday afternoon.
“It really went up! I’m normally off of work today but I wound up going in for overtime — thank God, I got paid for this now,” Howard said.
One expert, Patrick DeHaan, who is a fuels and oil analyst at GasBuddy, points to one reason for the hike.
“At least one of these massive pipelines that connects the Gulf Coast up through Oklahoma up to Chicago is partially, or mostly, shutdown right now because of a leak,” he said. “It’s kind of a perfect storm of circumstances and now we’re stuck with rising gas prices.”
Hurricane Harvey shares some of the blame, as well.
Refineries close to Chicago delayed routine maintenance to keep oil flowing during the storm. That work is being done now, so gas inventories are at a two-year low.
“These refineries are 100 years old,” DeHaan said. “Imagine not taking a 100-year-old car in to get serviced — it’s got to happen or it’s going to break down.”
DeHaan says after the pipeline is repaired, and the maintenance at the refineries is completed, you should see some relief — which will be right in time for the busy Thanksgiving weekend.