(WBBM NEWSRADIO) — Just in time for Memorial Day weekend, gasoline prices are spiking in the Chicago area.
Patrick De Haan, the head of petroleum analysis at GasBuddy, says the wholesale price of gas in the Chicago-area rose by more than 40 cents a gallon earlier this week, and that increase is still making its way to gas stations.
He says the higher prices are because of problems at two local refineries.
“Issues at BP's Whiting refinery. We got reports, sources indicated to us that the refinery was flaring on Sunday and Monday and that lasted into Tuesday,” he said.
“Along with that minor refinery fire at ExxonMobil's refinery in Joliet that sent the wholesale price skyrocketing. It has started to come back and ease a bit, but it's not going to be a whole lot of relief just yet.”
De Haan said if you are driving out of the Chicago-area for the holiday weekend, you should find much cheaper gas by filling up at stations in rural areas.
For drivers staying in the Chicago-area, De Haan recommends waiting a few days to buy gas, because he expects prices to fall as the problems at local refineries are resolved.
De Haan said, traditionally gas prices tend to fall over the Summer.
But he says additional refinery problems, an active hurricane season or the situation in the Middle East could change that.
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