Record Fuel Prices in February

It’s not just a wicked illusion, the numbers at the pump are really that high, and there is no price break in sight.

In Chicago, the average price of gas currently stands at $3.39  per gallon for regualar unleaded gas, the Illinois average cost is $3.26 and the national average is $3.12, according to gasbuddy.com.

Prices have had a steady increase in the new year, with Chicago prices having risen six cents over the last month. Just one year ago, the average price of unleaded gas was $2.77 in Chicago, and $2.63 nationally.

The continuous gain in momentum for gas prices have been attributed to the chaos that has erupted in Egypt.  In a recent AAA report, it stated that oil investors have grown wary over the political tension in Egypt, and have concerns that the turmoil may disrupt the world oil supply. As a result, investors are buying large amounts of gas which has driven up the cost of crude oil.

In other major cities like San Francisco the average cost for a gallon of regular unleaded gas is $3.46 and in New York City $3.44 per gallon, according to AAA.

In the Chicago area, the lowest gas price reported on chicagogasprices.com was $3.09 in Dolton, Ill. and the highest price reported was $3.85 on the northside of town.

Although costs have not jumped dramatically, rather a slow climb, experts predict that by the time warmer weather hits, gas prices are expected to be as high as $4.00.