Illinois Gas Prices Could Soon Hit $5

Chicago IL

04 March, 2022

3:23 PM

Description

CHICAGO, IL — Gas prices are surging in Illinois as the national average hovers just below $4 per gallon for the first time in more than a decade — and analysts expect it to hit $4 soon. It's already exceeded that in the Chicago area. In Illinois, the average price for a gallon of regular gas was $4.10 on Friday, according to AAA. That's more than 25 cents higher than the national average of $3.84, and more 33 cents higher than the state average of $3.77 just a week ago. The situation was even worse in the Chicago metro area, where prices averaged $4.19, up from $3.88 a week ago. In the City of Chicago, gas prices averaged nearly $4.27, up from $3.99 last week. According to ABC Chicago, some gas stations in Chicago were already over $5. Russia's violent invasion of Ukraine has roiled the oil market, causing the global price of oil to spike and leading to higher pump prices in the United States, according to AAA. Gas prices have soared 18 cents since Wednesday and 29 cents since the invasion of Ukraine eight days ago, according to a CNN report. The increases mark the largest price hikes since Hurricane Katrina hit the U.S. Gulf Coast in 2005, devastating the nation's oil and gas industry, according to CNN. With prices rising at such a rapid pace, a national average of $4 a gallon will probably be reached soon, analysts say. "This is not the end of it. We're already up another 14 cents on wholesale gas prices this morning," Tom Kloza, a global petroleum analyst, told CNN on Friday. "It's absolutely out of control." The price of a gallon of gas varies dramatically based on where you live. In California, the average price for a gallon of gas hit a staggering $5.07 on Friday, according to AAA, making it the first state ever to have an average price above $5 a gallon. Meanwhile, if you live in Arkansas, a gallon of gas is only $3.45. Overall, gas prices are up more than $1 from this time last year, according to GasBuddy.com. The average price for a gallon of regular gas in Illinois is $4.13, according to GasBuddy. That's several cents higher than AAA's average price. GasBuddy shows Illinois with the highest gas prices in the Midwest, compared with $3.85 in Indiana and Michigan, $3.58 in Wisconsin and $3.56 in Missouri. Currently, Illinois has among the most expensive gas prices in the nation, according to GasBuddy. The Prairie State ranked No. 6 behind California, Hawaii, Oregon, Nevada and Washington. Friday, the highest recorded prices were in the City of Chicago, the Chicago metro area and the Kankakee-Bradley area.