Data: GasBuddy; Note: Price as of the 1st of each month; Chart: Axios Visuals
A gallon of regular gas cost $4.25on averageacross the Chicago metro as of Aug. 1, per GasBuddy.
That's down 9.5%from August 2022, but far higher than the nationwide average of $3.76, Axios' Alex Fitzpatrick and Kavya Beheraj report.
The big picture: Nationally gas prices are up a bit from winter months — as expected, based on historical patterns — but lower than last year's highs of nearly $5.
Yes, but: Recent rises were driven by excessive heat in Gulf states like Texas and Louisiana, where many U.S. oil refineries are located.
"Refineries, which turn crude oil into products like gasoline, don't function as efficiently in 100+ degree weather," Axios' Emily Peck reports.
What's next: All eyes are on hurricane season, as severe storms can further disrupt refineries — thus reducing supply and raising prices.