Why Chicago gas prices just surged past $5 a gallon
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Gas prices in the Chicago area have topped $5 a gallon for the first time in four years.
The latest: GasBuddy says Chicago's average price is up $0.47 over the past week.
Why it matters: Higher prices are squeezing household budgets — and can carry political consequences.
State of play: While the war in Iran is the main culprit for rising prices, a recent outage at the BP refinery in Whiting, Indiana, is also to blame.
- Illinois — and Chicago in particular — layers on higher gas taxes.
- Gov. JB Pritzker has dismissed calls to suspend the upcoming state fuel tax increase.
What to watch for: AAA says avoiding rapid acceleration, hard braking and excessive idling can improve fuel efficiency. Keeping up with maintenance and removing extra weight — like roof racks — can also help.
What's next: Memorial Day travel demand. Refineries will also switch to summer blends soon, which typically pushes prices higher.
Poll: How are you saving on gas? Some drivers, like Monica, pay cash for discounts. Others — like me — wait to fill up in the suburbs.
- What's your strategy?