Highest Gas Prices In History For Chicago
UPDATED 05/03/11 7:12 p.m.
CHICAGO (WBBM/CBS) -- The Chicago area, as well as the entire states of Illinois and Indiana, now have the highest prices ever in history. CBS 2's Vince Gerasole reports on the one-sided gas war.
ChicagoGasPrices.com says the Shell station at Pulaski and Irving Park roads, near the entrance to the Kennedy Expressway, is selling a gallon of regular unleaded for $4.82.
The average gas price for Indiana is $4.19.
Prices were last in this ballpark in 2008, when oil was a lot cheaper.
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"Both in 2008 and here, it's really been tied to oil and oil prices climbing and that's really what we're seeing, along with some uncertainty with supply because of the unrest going on in Libya and some other nations in North Africa and the Middle East," said AAA spokeswoman Beth Mosher.
With a key Midwest refinery down, oil companies are paying more to ship in supplies from the East Coast. Gas prices have now passed records set nearly three years ago.
"Back in 2008, crude oil prices were higher than today, but the demand for the end products was not nearly as strong," said Paul Larson, an analyst with Morningstar.
And we're likely far from peaking. And all the experts seem to agree prices will continue to climb in the coming weeks and months.
One year ago the average price per gallon here was $3.23.
