Aug 11, 2023 - News
Chicago gas prices rising again
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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.