Tag Archives: Chicago gas prices
Gas prices have dropped nearly 30 cents a gallon since last week according to two gas price reporting websites.
ChicagoGasPrices.com is showing an average price of $2.97 for a gallon of regular unleaded across the entire Chicago metro area. That compares to $3.25 per gallon just a week ago. AAA’s Fuel Gauge Report, which watches both the greater metro area and the city proper, says city drivers are paying $3.28 per gallon compared to the $3.54 per gallon a week ago–a 26 cents a gallon plunge.
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.”
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.
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.”
With spring finally in the air, gasoline prices in Chicago have been slowly creeping up as area refineries begin the process of switching over to summer gas blends.
As drivers are seeing at gas stations throughout the area, fuel prices have risen dramatically over the past month.
According to ChicagoGasPrices.com, the average cost per gallon of regular unleaded gasoline is about 30 cents higher than 30-days ago.
AAA Chicago says asprice averages began 2014 off relatively low due to less driving and decreased demand. But with area oil refineries kicking off their seasonal maintenance to prepare for producing the federally mandated summer blend gasoline, prices have jumped higher.
Local motorists are in for a treat this Independence Day when they fill up their gas tank to head out of town.
“Gas prices have dropped pretty substantially over the last few weeks — as much as 40 to 50 cents a gallon in some areas,” said AAA spokesperson Beth Mosher. “The refinery issues that pushed prices higher this spring have been resolved. That’s what [is] causing these prices to drop.”
Production issues at area oil refineries combined with the switchover to the more expensive but more eco-friendly summer gas blend pushed Chicago’s gas prices to the highest in the nation this spring. But prices have moderated since then.
In the city, the average price of a gallon of regular unleaded is $4.14, according to the Fuel Gauge Report. ChicagoGasPrices.com shows an average price of $3.95 per gallon for the greater Chicago area.
Read more at DNA Info Chicago.