Chicagoland Drivers See 10 Cent Increase In 24 Hours

It was too good to last.

While gas prices across the U.S. have gone through the roof and setting records the past few weeks, fuel prices around Chicago and the Midwest were actually falling.

But over the past week and in particular the last 24 hours, local gas prices have risen dramatically.

According to AAA’s Fuel Gauge Report, the average price for a gallon of regular unleaded gasoline has risen 10 cents in the past 24 hours alone at gas stations around the Chicagoland area and 12 cents over the past week.

ChicagoGasPrices.com, is reporting similar price bumps of 5 cents a gallon since yesterday in the past 24 hours, and 20 cents a gallon in the last week.

Nationally, pump prices have only risen 10 cents a gallon in the past week.

Increases in statewide gas prices have been equally dramatic, leaping 9 cents in the past 24 hours according to IllinoisGasPrices.com, while AAA is reporting a 7 cent average price increase across Illinois.

Senior Petroleum Analyst for GasBuddy.com Patrick DeHaan, while somewhat puzzled of exactly why pump prices have shot up so dramatically thinks it could be for a list of reasons. This includes an increase in local wholesale gas prices, speculation on the commodity markets, unrest in the Middle East and possibly even the minor glitch reported by Connoco Phillips at their Wood River, IL oil refinery near St. Louis.

“It’s going on all over the Midwest,” says DeHaan. “We had a big ump in wholesale prices with a 65 cent a gallon increase since last Wednesday. The spike is just a response to the big jump in wholesale prices. No other region has seen such a large uptick.”

And the pain at the pump is not over according to DeHaan, who thinks area drivers could see at least another 20 cent per gallon price increase in the next week.

“I think we have some decent price increases ahead of us,” warns DeHaan.