Get ready to pay more to fill up your tank.
A new report from the U.S. Energy Information Administration (EIA) says the average cost of a gallon of regular unleaded gas will hit $2.74 a gallon this summer. That’s a 14% jump, up from $2.41 a gallon last year. That also means the average American household can expect to spend $200 more for gas in 2018.
Why the jump? The EIA attributes it to escalating crude oil prices. Prices are expected to fall back down after Labor Day.
The report notes, “regional differences in retail gasoline prices can be significant.” The EIA’s weekly retail report for Chicago shows “regular” prices sitting at $2.807. A look at gas price-tracking site GasBuddy shows gas stations across the city and burbs charging in that general range… although a handful of north side locations have already passed the $3 mark.
