Wholesale gas prices back up in Chicago

September 16th, 2008 at 10:18am Thomas V. Bona

According to the Oil Price Information Service, wholesale gasoline prices are back on the rise in Chicago - up 13 cents to $3.39 a gallon so far. It’s the only region in the nation showing increases today, as we rely on Gulf gasoline to flow up here. Look for prices to remain over $4 a gallon retail until wholesale drops below $3.20 a gallon and stays there. It could be a couple weeks, but *eventually* we’ll have big movement downward. Crude oil is down to $92 a barrel today. The last time oil was so cheap, gas was down just below $3.20 a gallon in Illinois. That’s about where local experts are predicting prices could be in a month, once supplies are back flowing here.

The last time gas averaged less than $3 a gallon in Illinois? Last Halloween, where oil was somewhere between $81 and $86 a barrel. We’ll see how far things slide.

Entry Filed under: Fuel price musings