Illinois Gas Prices Expected To Soar Amid Ukraine Invasion

ILLINOIS — With oil prices surging amid Russia's invasion of Ukraine, gas prices in Illinois and around the country could soon break records.

GasBuddy officials told WCIA that gas prices could go up by as much as 50 cents in the coming months — if that happens, gas prices in Illinois could exceed the highest recorded national average.

In July 2008, gas prices hit a record national average of $4.11 per gallon. As of Friday, the average price for a gallon of gas was $3.77 per gallon statewide in Illinois — up from $3.55 a month ago, according to AAA. A year ago, a gallon of gas averaged around $2.89 in Illinois.

Prices were even higher in the Chicago area. In the City of Chicago, the average gas price was already almost $4 on Friday, standing at $3.99. A year ago, it was at $3.12. The average price in the Chicago metro area was at $3.88 as of Friday.

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Nationally, gas prices averaged $3.57 per gallon as of Friday, up more than 20 cents from a month ago and 90 cents more than a year ago.

Tom Kloza, global head of energy analysis with the Oil Price Information Service, told the Chicago Tribune that gas prices could soon climb to more than $4 in Illinois. He said drivers are "in for a few months of higher prices."

With inflation already driving up prices for food, rent, utilities and more in Illinois, soaring gas prices could make the situation worse as the cost of transporting items increases.

"Russia holds a significant portion of global production in its hands should this situation escalate, it’s not impossible that Russia uses oil as a weapon," a GasBuddy representative told WCIA.