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Chicago gas prices spike amid heat wave, production constraints
A spike in gas prices is being blamed on an ongoing heat wave across the United States and a cutback in oil production by Russia and Saudi Arabia, experts say.
CHICAGO - There’s more pain at the pump for travelers Tuesday as the average cost of a gallon of regular gasoline hit $3.79.
Gasoline is up almost 8-cents in just the past week, according to Gas Buddy.
In Illinois, the average price per gallon is $4.05 while the Chicago area is around $4.28.
Experts say the heat wave across the United States has had an impact on gasoline production.
"Some of the refineries in Texas and Louisiana have had to shut down or reduce their production due to the heat," said University of San Diego Professor Alan Gin.
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"The summer driving season is about over now and once people start going back to school, I think what you’ll see then is a reduction in demand as far as gasoline is concerned and that will cause prices to go down."
The spike in prices also follows major supply cuts by the coalition of oil-producing countries led by Russia and Saudi Arabia, known collectively as OPEC+.