CHICAGO (WBBM NEWSRADIO) -- The upward swing in gasoline prices continues across the Chicago area.
“We’ve continued to see average gas prices jumping across Chicagoland up another seven cents a gallon in the last week, back above that $3 a gallon mark, a level that we haven't seen since the summer of 2019,” said Patrick DeHaan, head of petroleum analysis at GasBuddy.
The average price for gas is now $3.14 across the Chicagoland area, that's up from $2.46 a year ago.
“What we've seen here the last three months in Chicago is nothing but a remarkable surge in prices. The gasoline price around Christmas was at $2.36 [a gallon], the price is now nearly 75 cents a gallon higher,” added DeHaan.
The surge is being blamed on a lack of supply met by massive demand.
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OPEC extended last year’s oil production cuts into March, despite the global economy starting to recover from COVID-19.
“They will meet in April yet again, but if they do not increase production meaningfully then, we may be stuck with continued increases in gas prices in the weeks and months ahead,” said DeHaan. “Gas prices are likely to continue climbing so long as there is no new additional crude oil on the global market.”
For those with tanks that are stuck on ‘E’, it’s worth shopping around. Gas prices range from $2.63 a gallon in Calumet Heights to $3.85 in Wicker Park.