Illinois gas prices jump 13 cents, concerning drivers as summer draws near
CHICAGO - Gas prices in Illinois have hit a new high for the year.
The statewide average now sits at $3.96 a gallon. In Chicago, that number is much higher at $4.40.
AAA says gas prices rose 13-cents per gallon in the last week after OPEC announced plans to cut oil production.
"Last week’s jump at the pump was expected, after OPEC announced oil production cuts that immediately caused oil prices to surge," said Molly Hart, spokeswoman for AAA. "Fortunately, after the initial gains on Monday, the oil market plateaued through the rest of the week. It’s possible that retail gas prices could inch up a little more this week before fully adjusting to the moves in the futures market."
Some drivers are concerned that we may see a repeat of last summer. In June 2022, Illinois gas prices averaged at a whopping $5.56 a gallon.
"We will. Without a doubt, we will. Everything is going up. A bag of chips is almost $5," one consumer said.
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Gas prices typically increase during the summer, but OPEC's decision could send those prices even higher.
Economists are divided on whether we could see a repeat of 2022.