Hold on to your wallets: we are in the middle of a gas price spike, and experts say it will only get worse.
There are several factors that might push the price in our area to more than $4 a gallon.
It’s now become a task most people dread — pulling up to the pump.
You might have noticed gas is on the rise. Gas Buddy.com senior petroleum analyst Patrick DeHaan said it’s up 20 cents per gallon over the last week. He predicted the climb will continue.
“The Chicago average could go another 10 to 20 cents across the next two weeks. When will we see relief? It may be a few weeks, if at all,” DeHaan said.
He said refineries are already getting ready for the summer blend, and slowing production of the winter blend, resulting in a reduction of gasoline supplies.
Wednesday’s fire at a Toledo Refinery will also make things worse.
DeHaan showed CBS 2 data of a South Side gas station that’s showing a jump of 40 cents a gallon over the past week. At the Hyde Park station, prices have jumped from $3.59 per gallon last week to nearly $4 per gallon this week.
“Oh, that’s really going to be bad for us,” said driver Ned Hamilton.
Right now, the average price of gas in the Chicago area is $3.74 a gallon.
Chicago is now the 15th most expensive city to buy. Honolulu takes the top spot.
See how Gas prices have risen in your area below this video.