Business & Tech

Gas Prices Hit Record High In Chicago Area

Gas prices are back up in Illinois as crude oil prices increase amid a possible European Union ban on Russian oil imports.

ILLINOIS — Gas prices hit a record high on Monday across Illinois. Statewide, the average price of a gallon of gas spiked Monday, up 18 cents compared to a week ago and up 23 cents from a month ago. As of Monday morning, the average price of gas was $4.59 per gallon statewide — up nearly $1.40 from one year ago and a new all-time high for the state.

Gas prices also hit a record high of $4.78 in the Chicago area, according to AAA.

Illinois Gas Prices Could Soon Hit $5

Find out what's happening in Across Illinoisfor free with the latest updates from Patch.

That's an increase of 22 cents compared to a week ago and up 29 cents since a month ago. A year ago, a gallon of gas averaged $3.30 in the Chicago area.

Gas is about 46 cents more expensive in the Chicago area than the national average of $4.32 as of Monday.

Find out what's happening in Across Illinoisfor free with the latest updates from Patch.

The city Of Chicago also hit its highest recorded average price, at $5.06 per gallon as of Monday. A year ago, a gallon of gas in the city was $3.50.

Gas prices began surging in March amid Russia's violent invasion of Ukraine, marking the largest price hikes since Hurricane Katrina hit the U.S. Gulf Coast in 2005, devastating the nation's oil and gas industry, according to CNN.

According to AAA, gas prices are up across the nation as crude oil prices increase after the European Union announced a proposal to ban Russian oil imports.

"Pump prices will likely face upward pressure as oil prices remain above $105 per barrel," AAA said last week. "Given that global crude supply remains tight, crude prices will likely remain volatile amid the news that supply could get tighter if the ban is implemented."

The gas prices coincide with the arrival — finally — of warmer weather in the Chicago area, which could mean more Illinoisans hitting the road. Temperatures could hit 77 degrees in the Chicago area on Monday and are expected to reach the upper 80s, approaching 90 degrees, on Tuesday.

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