The average cost of a gallon of gas in Illinois is now $5 | Illinois

0

(The Center Square) – Gas prices in Illinois averaged $5 a gallon on Tuesdaythe only state east of the Mississippi currently at or above the $5 mark.

There seems to be no end in sight for rising costs.

According to AAA, prices hit $5 early Tuesday, fell a few cents later in the morning, before rallying back to $5,001 Tuesday afternoon.

A year ago it was $3.20 a gallon.

The average price in Chicago is $5.59, according to AAA; in Quincy, it is $4.94; drivers in Bloomington-Normal pay an average of $4.74 per gallon; and in Decatur, it’s $4.65.

According to the Wall Street Journal, the typical household currently spends $4,800 on gasoline on an annual basis, up from $2,800 a year ago.

“Gasoline is $1.05 more than it was on February 24, when Russia invaded Ukraine,” AAA Illinois spokeswoman Molly Hart said in a statement. Press. “This sent shockwaves through the oil market which kept oil prices high.”

Gas prices began their rise more than a year ago, shortly after President Joe Biden took office putting in place new restrictions on the oil and gas industry.

Taxes contribute to high gasoline prices in Illinois. In 2019, Governor JB Pritzker signed legislation doubling the state gasoline tax from 19 cents per gallon to 38 cents. Lawmakers also included in the legislation Pritzker signed an annual gas tax increase tied to inflation, so the state gas tax is now just under 40 cents. the gallon.

Illinois is also one of the few states to impose a sales tax in addition to its gasoline tax.

It’s tough everywhere, but only six states have more expensive gas than Illinois. California has the most expensive gas, averaging $6.15 per gallon. The other five states are Hawaii, Nevada, Washington, Alaska and Oregon.

The average price of a gallon of gasoline for neighbors in Illinois: Missouri ($4.17); Iowa ($4.26); Kentucky ($4.31); Wisconsin ($4.40); Indiana ($4.60).

The average cost of a gallon of diesel fuel was $5.52 on Monday, adding pressure to nationwide truckers who haul food and other goods across the country, contributing to high inflation.

Economist Severin Borenstein told CBS News that a shortage of crude oil and fewer workers, in addition to the global supply crisis, means gas prices won’t drop any time soon.

“The reality is that we’re going to see high gas prices certainly through the summer and probably through the end of the year, possibly coming down gradually, but we’re not going to see $2 or even $3 gas in the near future,” Borenstein said.

Share.

Comments are closed.