Gas Prices Soar Past $4 Mark at Joliet Stations

Experts blaming Midwest refinery problems and say there likely won't be a decrease until after Labor Day.

AAA Chicago is saying that refinery problems in Illinois and Indiana are behind gas price increases that took the cost to more than $4 a gallon in the Chicago area, according to the State Journal Register.

According to IllinoisGasPrices.com, the cheapest gas you’ll find in is $3.99 at the 7-Eleven at 3620 Rock Creek Blvd., off Houbolt Road. That number was posted 21 hours ago and was the only station below $4, however, so it's possible the price could have increased.

Nationwide, gas prices have risen from an average of 3.32 per gallon of regular to $3.53 per gallon of regular in the last month, according to AAA.

"Illinois, Indiana and states in the Midwest have seen prices rise since last week due to production issues at the BP refinery in Whiting, Ind. and the Citgo refinery in Lemont," Beth Mosher, director of public affairs for AAA Chicago said in a news release.

"With the supply from these refineries impacted, and the associated increase in wholesale prices already seen in the region, there is reason to suspect that prices in the areas supplied by these facilities may continue to rise until the situation is resolved."

Nationwide, prices are rising due to corn prices which have caused ethanol costs to increase about 17 percent in July, according to the Huffington Post.

Gas prices rise four times faster than they fall after the wholesale price changes, according to a 2010 Federal Trade Commission (FTC) study. USA Today says that, according to the study, some retailers sell at a loss when wholesale prices are high and try to make up for it when prices go down.

AAA says prices should begin to decline again after Labor Day.

Tony August 03, 2012 at 07:37 PM
I heard that the price spike was because some of the farmers who grow corn for ethanol are going to loose money because of the hot weather and Quinn is going to declare these farms disaster areas and spread some tax money around that we don't have.A lot of these farmers have crop insurance and not all gas uses ethanol. Two refinerys having trouble at the same time come on we didn't just get off the boat. Prices in Will county have been all over the board all summer long with 30 cent a gallon spikes not unusual, I have mentioned this before but no-one seems to want to investigate and find out why. It seems to always happen around the holidays and because the citys and towns get taxes on gas they don't want to upset the money tree. Once again the taxpayers foot the bill.
Infamous Steve August 04, 2012 at 02:13 PM
Yea I am pretty sick of it and someone needs to be looking into this. I paid around 70 cents more yesterday then I did last Friday. just as soon as there is some "relief" at the pump there always seems to be a "problem" or holiday that causes prices to skyrocket over night. then it takes a month and a half or so of prices dropping a few cents here and there just to get some "relief" again. Everytime you see the news they say consumer spending is down or not what it was projected to be......Well no shit people dont have money to spend anymore. It all goes towards Gas, bills, and taxes. Long gone are the days of being able to save money. Remember that last "nice thing" you bought for yourself? hold onto it for as long as you can, it might of been the last thing.
Kristine Neumann August 04, 2012 at 03:51 PM
What gets me is that as soon as it's announced that the price is going up because of whatever, the sign changes right away at the gas stations. Wednesday I was out & about & the price was $3.79 a gallon. Came back a few hours later & the price was $3.99. No way those stations got gas & yet the price increased.
Tom Cooper August 04, 2012 at 05:45 PM
Just another reason for gas companies to gouge their prices. Over the last few years we have heard every excuse in the book-at least this is a new one. This is a game these companies play-they will raise it to $4.19-than lower it too $3.85-and we will all think we are saving a whole bunch of money when they are still gouging. It sickens me how they get away with this.
irontrain August 05, 2012 at 06:40 AM
I've read that speculative pricing on oil is responsible for 15% to 20% of the cost per gallon. Dodd/Frank Bill already signed would eliminate almost all of the speculation market. Yet the bill is not being enforced. Why?


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