Chicago gas prices rising again

A gallon of regular gas cost $4.25 on average across 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.

• Saudi Arabia's continued oil production cut also stands to increase energy prices.