Gas Prices Near A Labor Day Record: What IL Motorists Will Pay

ILLINOIS — Labor Day travelers in Illinois will pay just over $4 for a gallon of gas this year as prices nationwide approach record highs for this time of year.

Nationally, prices on Thursday averaged about $3.81 for a gallon of regular gasoline, according to the travel group AAA. The last time gas prices were this high in the week leading up to Labor Day was in 2012, when gas was averaging $3.84 a gallon.

That was a record high for the end-of-summer holiday, CNN reported, citing federal data dating back to 1990.

The average price is below the national average of $5.02 a gallon in June 2022, a record driven by the reopening of the economy from the pandemic and supply shortages stemming from the war in Ukraine. In California, some stations were selling gas for $10 a gallon at that time; current prices are about half that.

Illinois’ average price of $4.94 on Thursday compares to $4.15 a gallon at this time last year. The highest gas prices in the area were found in Cook County, where drivers are paying an average of $4.38 per gallon followed by DuPage County, where prices are higher than the state average at $4.21 per gallon.

That price should remain stable through the Labor Day travel period, AAA spokesperson Andrew Gross said in a news release.

Hurricane Idalia may cause some regional price jumps due to damage to gas stations, flooded roads and power outages, Gross said, “but as in past years, these things are usually fixed in a few weeks.”

Normally, gas prices decrease with demand as summer vacation and other travel tapers off. This year, that has happened, in part because of production cuts by OPEC leader Saudi Arabia and the effect of extreme heat on refineries, CNN said.

“This is abnormal,” John LaForge, head of real asset strategy at the Wells Fargo Investment Institute, told the news outlet. “Prices normally fade toward the end of the summer.”

According to AAA, gas prices in the past week have averaged anywhere from $4.06 to $5.30 a gallon in 10 western states and Illinois. Motorists in 11 states, mainly in the South and Tennessee Valley, have been able to buy gas for $3.31 a gallon or less.

In Indiana, Maryland and Delaware, gas prices went down 10 cents or more in the past week, while motorists in Ohio and Utah paid a time more. They were among 10 states seeing large changes in gas prices. Motorists in South Carolina, Arizona and Alaska paid six- to seven cents more, while prices went down seven cents and six cents, respectively, in Michigan and Florida.