Multiple factors in play for higher gas prices

August 2, 2012 8:44:56 PM PDT
Drivers should brace for sticker shock at the gas pump as prices across Illinois have jumped more than 20 cents in the last week.

But, there still is some good news about gas prices this summer.

In the last four weeks, we have experienced the biggest July jump in gas prices in nearly 12 years.

The summer surge is arriving a little later than normal, but make no mistake, it's here.

They're back!

Gas prices so high, someone paid 99 bucks to fill up!

"It was only $99.52, which is something I've never seen," said Shorewood resident Jason Stewarts. "I don't know why they didn't just go to the $100 mark, that would be a receipt to remember."

Downtown you'll pay $4.45 per gallon. In Schiller Park, it costs $3.96 per gallon and Naperville climbed to $4.19 per gallon.

Why so high? The usual culprits are at fault, including pipeline problems and refinery issues. And since there's corn in ethanol and ethanol in gas, the drought isn't helping either.

"It really takes a perfect storm coming together to see an increase like that, which is the circumstances we're under right now," said AAA Chicago's Beth Mosher.

AAA says the 29 cent surge in the last month may be maddening, but prices are actually, on average, a dime cheaper than what we were paying at this time last year.

"Short-term we are going to see higher prices," Mosher said. "We should see prices start to stable out as we stabilize as we head into September. But then comes hurricane season and so it's -- that's the wild card that enters into all of this then."

The bottom line, according to AAA, it's anyone's guess what could happen to gas prices in the coming months.


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