Chicago gas prices jump 34 cents per gallon in the past week amid Iran war
There's no relief in sight for drivers at the pump as the war in Iran is directly driving up the cost of gas. Analysts expect more of the same unless something changes soon.
In Chicago, the average price of a gallon of gas has jumped more than 34 cents in just one week. Analysts with GasBuddy expect that trend to continue.
That's a tough thing to hear if you drive for a living.
A stop at the pump is just part of the daily routine for Uber driver Maikomi Soulama.
"I just put right now $30 of gas, because I still have a little left," Soulama said.
She fills up every day, so she notices when prices change.
"The gas prices, I can say, is still high," she saidc
Matt McClain, a petroleum analyst for GasBuddy, has been busy all week tracking crude oil prices that have ticked up since the war in Iran.
"In Chicago, sitting at $3.52 a gallon on average. Prices are up about 34 cents from this point last week and about 38 cents from a month ago," McClain said. "The main, number one, absolutely without a doubt factor is the Strait of Hormuz. We need a solution to get that reopened and we need it now. And until that happens, it looks like we are going to continue to see rising prices."
About 20 percent of the world's oil passes through the Strait of Hormuz between the Persian Gulf and the Arabian Sea, but oil tankers are diverting away from the strait to avoid danger.
It's driving up the cost of crude oil and, in turn, the cost of gasoline and especially diesel fuel.
"This is the fastest weekly increase in the last 20 years, and it's the highest since December of 2023," McClain said.
Pricier diesel means pricier everything, because so much of the shipping industry runs on diesel.
"If the prices remain elevated, I am genuinely concerned that we'll start to see prices inching up in every facet of our life, not just when we pull up to the gas pump," McClain said.
Routine is getting more expensive, and drivers like Soulama hope for relief.
"If I have to fill my tank completely, it's going to be $55," she said. "If we don't have a choice, we have to buy at this price, but we wish we can do something about it."
Analysts with GasBuddy said it's important to take things day by day, but they anticipate gas prices in Chicago could soon jump another 10 to 20 cents a gallon.
