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Gas Prices Soar Past $4 Mark in H-F

Experts blaming Midwest refinery problems and say there likely won't be a decrease until after Labor Day.

AAA Chicago is saying that refinery problems in Illinois and Indiana are behind gas price increases that took the cost to more than $4 a gallon in the Chicago area, according to the State Journal Register.

According to IllinoisGasPrices.com, the cheapest gas you’ll find in H-F is $3.99 at , 183rd Street and Harwood Ave.

Nationwide, gas prices have risen from an average of 3.32 per gallon of regular to $3.53 per gallon of regular in the last month, according to AAA.

"Illinois, Indiana and states in the Midwest have seen prices rise since last week due to production issues at the BP refinery in Whiting, Ind. and the Citgo refinery in Lemont," Beth Mosher, director of public affairs for AAA Chicago said in a news release.

"With the supply from these refineries impacted, and the associated increase in wholesale prices already seen in the region, there is reason to suspect that prices in the areas supplied by these facilities may continue to rise until the situation is resolved."

Nationwide, prices are rising due to corn prices which have caused ethanol costs to increase about 17 percent in July, according to the Huffington Post.

Gas prices rise four times faster than they fall after the wholesale price changes, according to a 2010 Federal Trade Commission (FTC) study. USA Today says that, according to the study, some retailers sell at a loss when wholesale prices are high and try to make up for it when prices go down.

AAA says prices should begin to decline again after Labor Day.

-Information for this article contributed by Korrina Grom and Claudia Lenart

Timijanel Boyd Odom August 07, 2012 at 11:21 PM
Mobile on 183rd and Harwood in Homewood always has the best gas prices! They are below all South Suburban stations and the owner is a joy! Patronize your local business, get great gas prices and good customer service! Win win!
Susan Dudik August 13, 2012 at 08:02 PM
yes, Mobil is always clean and bright and the owners are always out and about saying hello. I also feel more comfortable exiting my car alone at night to pump gas when I know the staff is keeping an eye on the situation.

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