Week of March 8 gas update: Prices jump 4.8 cents a gallon

Gas+prices+in+Illinois+are+7.2+cents+per+gallon+lower+than+a+month+ago+and+stand+%241.01+per+gallon+higher+than+a+year+ago%2C+according+to+Gas+Buddy.

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Gas prices in Illinois are 7.2 cents per gallon lower than a month ago and stand $1.01 per gallon higher than a year ago, according to Gas Buddy.

Elisa Reamer, News Reporter

DeKALB  Illinois gas prices have risen 4.8 cents per gallon in the past week, averaging $2.88 per gallon Monday, according to GasBuddy’s daily survey of 4,378 stations in Illinois. Gas prices in Illinois are 28.4 cents per gallon higher than a month ago and stand 48.6 cents per gallon higher than a year ago.

The cheapest station in Illinois is priced at $2.55 per gallon today while the most expensive is $3.29 per gallon, a difference of 74.0 cents per gallon, according to the Gasbuddy price reports. 

“[Organization of the Petroleum Exporting Countries] surprised oil markets last week by extending oil production cuts for another month, ignoring the resurgence in global demand as economies recover from COVID-19. Markets responded by pushing oil prices up some 12%,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “As a result, motorists should prepare for further gas price increases in the weeks and potentially months ahead, with a $3 per gallon national average potentially less than a month away,”