Blame the dollar: Gasoline jumps 26 cents in a month
'Things are out of whack as refiners have scaled back production'
There is more pain at the pump.
The average price of unleaded regular gasoline in Chicago spiked 26 cents a gallon from a month ago to $2.85 and jumped 17 cents from a week ago, according to AAA. Prices are advancing toward the year-ago level of $3.05 a gallon.
(AP)
Nationally, prices hit $2.67, rising for the 13th straight day.
PFGBest analyst Phil Flynn said weakness in the U.S. dollar has driven the price of oil far beyond what normal supply and demand fundamentals typically bear.
"The increase was driven not so much by demand but by declining gas production and a weakening dollar," Flynn said. "Things are out of whack as refiners have scaled back production to historic lows as their margins get squeezed."
Crude prices rose to $82 a barrel last week, but on Monday crude for December delivery fell $1.82 to settle at $78.68 a barrel.
So where are some of the lowest gas prices to be found in the Chicago area? Consumer help site Gasbuddy.com says the per-gallon price of unleaded regular is:
$2.65 at Speedway, 18002 S. Halsted St. and Ridge Road in Homewood.
$2.68 at Sam's Club, 141 W. North Ave. & Railroad Ave. in Northlake.
$2.69 at Speedway, 19301 S. Halsted and Holbrook Road in Glenwood.
$2.69 at at Citgo, 2151 W. Army Trail Road in Addison.
$2.71 at Costco, 300 E. Kensington Road near Rand Road and Elmhurst Road in Mount Prospect.
Contributing: AP