Week of Feb. 8 gas update: Prices jump 6.5 cents a gallon

Jack Baudoin, Reporter

DeKALB – Gas prices in Illinois have risen 6.5 cents per gallon in the last week, with an average of $2.60 per gallon on Feb. 8, according to GasBuddy’s daily survey of 4,378 stations in the state. This makes prices in the state 18.1 cents per gallon higher than a month ago, and 20.4 cents per gallon higher than a year ago. 

In addition to higher prices, there is a huge difference in the cheapest and priciest stations across the state. The cheapest station was $1.99 per gallon, while the priciest was $2.99 per gallon, a difference of an entire dollar.

Illinois’ prices are 15 cents higher than the national average of $2.45 per gallon. This is an increase of 13.2 cents per gallon from a month ago and a 1.6 cents per gallon increase from a year ago. 

“Many factors continue to push oil prices higher, but at the foundation of the rise is the fact that the coronavirus situation continues to improve, pushing global oil demand higher as production continues to lag, pushing U.S. gas prices higher,” said Patrick De Haan, head of petroleum analysis for GasBuddy. 

De Haan said that people hoping for lower gas prices the months ahead should not expect good news anytime soon.

“Until OPEC intercedes and raises oil production in the months ahead, motorists should continue to expect rising gas prices, which for the first time some time stand at their highest in over a year, adding misery to the dire economic situation as millions remain jobless.”