Why is the price of gas so high right now?
The current gas prices are hurting Illinoisans’ wallets. A spike in gas has gone down slightly since Mondays surge. There was a spike at the beginning of the week that took gas over $3.90 in the Capital City. Illinois Petroleum Markets Association Executive Vice President Bill Fleischli said one thing that could help the price go down even further is an increased supply.
“The markets reflected (that there) was going to be a shortage. So the markets, like a stock market, like any other corn market, anything like that, the markets went up on Monday. They have seen it flatten out and they’ve gone back down.”
Fleischli said that the reasons he has been hearing, which he admits are just speculation, are that there seems to not be the supply in the Midwest that was once thought to be there. He added that there is more exporting of gas in the area. Finally, on a yearly basis the change from winter to summer gas can have an effect on the market.
According to IllinoisGasPrices.com, as of Friday afternoon the average price for gas in the United States was $3.67, in Illinois it was $4.04 and $3.87 in Springfield.