Gasoline Prices On The Rise, As Memorial Day Weekend Nears
Gasoline prices have gone up in the past week ---- by nearly nine cents per gallon nationwide, but by more than 13 cents in the Champaign-Urbana area.
The price-tracking website GasBuddy.com reports that the average price of a gallon of Regular in Champaign-Urbana is $3.87 --- 20 cents above the national average.
GasBuddy analyst Patrick DeHaan said the price increase is more sudden than usual. He said it started with malfunctions at Midwest oil refineries that have limited their production.
“And as we grow closer to Memorial Day, there are some concerns that, with that drop in production, there’s won’t be, perhaps, enough supply," said DeHaan. "That has caused wholesale prices to go up on the free markets. Oil has been bid higher, as gasoline prices have as well. And unfortunately, what that means is that higher prices are hitting the pump, just in time for Memorial Day.”
DeHaan said Illinois’ gasoline taxes --- which are higher than other Great Lakes states --- also another reason that gas prices here are higher than the national average. But he said gas prices should begin to drop back down after Memorial Day, as the demand decreases.