Category Archives: Chicago gas prices
But why is the cost of a gallon of gas in Chicago so much higher than neighboring metropolitan areas?
The http://www.rebootillinois.com/2015/08/19/editors-picks/hilarygowinsyelvington/illinois-gas-tax-adds-more-pain-at-the-pump-for-chicagoans/44135/ at the federal, state, county and city taxes that Chicago drivers pay and it’s pretty brutal.
Based on the recent $3.63 per gallon price, 77 cents of the per gallon price is tax–or 20% of the total gallon cost.
A shocking 40 cents per gallon can be attributed to city and county taxes.
Then, to add insult to injury, Reboot Illinois reports that, unlike most states where gas taxes go into a fund that finances road construction and maintenance, in Illinois gas taxes go directly into the state’s general fund.
Here’s Reboot Illinois’s full story, “ILLINOIS GAS TAX ADDS MORE PAIN AT THE PUMP FOR CHICAGOANS.”
With the price of crude oil dropping in recent weeks, gas prices had been falling suit nationally and in Chicago.
Just this past Monday, news stories touted low prices at the pump not seen in five years. In fact, petroleum analysts were predicting even further, dramatic declines in prices between now and the end of the year perhaps bringing national gas prices below the $2 per gallon mark.
But just two days later gas prices are climbing dramatically in Chicago and the surrounding region because the BP oil refinery in Whiting, IN shutdown due to major equipment failure over the weekend according to Bloomberg News.
In just two days, the price of wholesale gasoline rocketed 82 cents higher. Petroleum analysts are predicting drivers will start seeing higher prices at the pump almost immediately.
What happens the price of gas you’re paying at the pump doesn’t match the advertised price?
Well, according to NBC 5, the gas station can be closed by state inspectors until the discrepancy is corrected. In fact, the advertised price cannot even be off by one cent.
AAA says it’s due to maintenance work at two large oil refineries which supply much of the Chicago’s gasoline.
“Prices in Illinois and northern Indiana have risen sharply over the past few weeks due to maintenance issues that are affecting production at local refineries,” said Beth Mosher, a spokesperson for AAA Chicago.
AAA’s Fuel Gauge Report has gas prices up about 40 cents a gallon since last month, with the average price of regular unleaded coming in at $3.40 a gallon.
Is there any difference between name brand gasoline and generic or unbranded fuels?
GasBuddy’s Patrick DeHaan says…not really.
Did you ever want to know what the heck the difference is between winter and summer gas blends?
Petroleum Analyst Patrick DeHaan of GasBuddy breaks it down for us.
Gasoline price tracking website GasBuddy.com has good news for drivers for this summer–really low gas prices this summer.
GasBuddy is projecting motorists will be paying the lowest gas prices in ten years during the upcoming summer driving season (Memorial Day through Labor Day).
The website’s petroleum analysts point to a recent Energy Information Administration projection of an national average gas price of $2.45 per gallon. But GasBuddy’s experts believe the U.S. average will be $2.35 per gallon–10 cents per gallon than what the EIA is predicting.
Drivers are continuing to get good news in an unlikely place–the gas pump.
After years of experiencing relatively high prices in excess of $3 and sometimes even $4 a gallon, the price of gas nationally and locally has fallen for over 100 straight days according to AAA’s Fuel Gauge Report. Prices haven’t been this low since 2009.
AAA Chicago’s Beth Mosher says they’ve haven’t seen anything like this ongoing price decline since AAA began tracking gas prices back in 2000.
“(Nationally) it’s the longest continual drop ever,” said Mosher.
Call it suburban sticker shock.
Suburban drivers are being treated to gas prices unseen in years–unleaded gas being sold for under $2 per gallon according to the Daily Herald.
Many gas stations outside the City of Chicago and mainly outside of Cook County where fuel taxes can add significant cost to a gallon of gas, are advertising regular unleaded gasoline for as low as $1.98 per gallon according to ChiagoGasPrices.com.
According to two fuel price tracking services city gas prices have not been this low since October 2009 and may continue to drop.
ChicagoGasPrices.com, is showing an average price for regular unleaded gasoline at $2.52 per gallon throughout the greater Chicagoland area which includes both city and suburbs. That’s 55 cents per gallon lower than a month ago and a whopping 88 cents per gallon less than last Christmas.
While AAA’s Fuel Gauge Report shows the average pump prices for regular unleaded has dropped 16 cents in the past week within the city proper to $2.81 per gallon. It’s a 49 cent drop from just a month ago.
“High supply, low demand, low oil prices,” is how AAA’s Beth Mosher explains it. “Lower gas prices are filling stockings with a little more cash to spend on travel this year as travelers are expected to pay the lowest prices since 2009.”