Category Archives: Chicago gas prices
Medill Reports has an interesting piece about how a somewhat arcane change in the state sales tax may inadvertently increase the cost of gas for Chicago drivers.
Here’s how it breaks down.
Chicago drivers get a discount on their sales tax for any E10 gasoline, a blend of ethanol and regular gas.
The federal government is close to approving a new blend called E15, with a higher percentage of ethanol.
The Illinois state legislature is working on a change to the state sales tax that would eliminate the discount on E10 and move it to E15.
Expect Increased Enforcement, Heavy Traffic For Holiday
As many Chicagoans prepare to leave town for a long Labor Day holiday weekend, local drivers will face the highest gas prices in the nation.
It’s not really a surprise that gas prices rise right before a major getaway weekend. There’s always a mild spike before the Labor Day weekend.
Demand goes up, prices rise. Nothing new here.
But in Chicago gas prices aren’t just artificially high due to the holiday, but rank as the highest gas prices of any city in America according to gas price tracking website GasBuddy.com.
GasBuddy’s local site, ChicagoGasPrices.com has the average price of regular unleaded gasoline pegged at $4.04 as of late Thursday night–four cents a gallon higher than second place, Honolulu, HI and $1.18 per gallon higher than 2010.
Automobile Travel Flat Predicts AAA
Drivers are finally starting to see some relief at the gas pump.
According to the Lundberg Survey, gas prices have dropped an average of 9 cents to $3.61 per gallon of regular unleaded gasoline in the past three weeks according to CNN.
Most experts attribute the current decrease in gas prices to the slide in oil prices and a downturn in demand. Crude oil is currently selling for $86 a barrel after being well over $100 per barrel this spring.
But Lundberg also says Chicago still has the highest gas prices in the nation coming in at an average of $3.97 per gallon.
But, local gas prices have slowly inched upward over the last month.
ChicagoGasPrices.com shows that the price for a gallon of regular unleaded has risen nearly 9 cents in the last 30 days at $4.08 per gallon, while AAA’s Fuel Gauge Report is showing a almost 12 cent increase in the last month with a current average of nearly $4.03 per gallon.
Both gas price reporting services report current gas prices are over a $1 a gallon more than a year ago.
It’s about time.
After months where Chicago drivers saw only rising gas prices, over the past few weeks area motorists have finally seen a significant drop in the average price for a gallon of regular unleaded gasoline.
The most recent good news is the average price for gas in the Chicago area has dropped below $4 per gallon according to both ChicagoGasPrices.com and AAA’s Fuel Gauge Report. The price for gasoline has not been under $4 since the first week in April.
The price drop comes at an opportune time for area drivers considering taking a road trip for the upcoming 4th of July holiday.
To the relief of Chicago drivers, after hitting all time record highs just five weeks ago, local gas prices are finally falling.
The average price for a gallon of regular gas has dropped six cents since Saturday and ten cents in the past week according to gas price tracking website, ChicagoGasPrices.com. In fact, local fuel prices have dropped a full quarter from a month ago when prices were still at record highs.
Yet despite this great news from the gas pump, Chicago gas prices are still the very highest in the United States according to stats from GasBuddy.com and the latest report from the Lundberg Survey which pegs Chicago prices at $4.29 per gallon.
Construction crews recently broke ground for the addition of gas pumps at the Lincoln Park Costco located at the intersection of Clybourn, Damen and Diversey.
With gas prices bleeding every driver’s wallet dry these days, CBS 2 looks into whether ethanol is a cheaper alternative to regular gasoline.
E-85 or ethanol is anywhere from $1 to $1.50 less per gallon than regular gas. But you have to have your engine specially adapted to burn this type of fuel.
After setting record high gas prices earlier in the week, it looked like perhaps the worst was over when oil prices retreated from $115 per barrel to just under $100 by the end of last week and gas prices started following suit.
Unfortunately for area drivers, unexpected market pressures may be sending prices back to record high levels according to petroleum analyst Patrick DeHaan of GasBuddy.com.
“Don’t hold your breath, it’s not going to last long,” said DeHaan when asked about the current respite in gas prices. “Unfortunately, it’s (the price decline) very short lived. The wholesale price of gasoline was up 30 cents for the entire day today. So far, the decreases we saw last week were offset in just one day. Things change that quickly.”
Despite surpassing its previous record mark of $4.34-$4.35, gasoline prices in Chicagoland are still rising–and quickly.
AAA Fuel Gauge Report has the average price for unleaded regular at $4.47 per gallon and ChicagoGasPrices.com lists it at $4.50 per gallon. Both prices are 13-15 cents higher than the previous record set in July, 2008.
In addition, statewide prices in Illinois and Indiana have hit record highs over the past 24 hours.