Gas Prices Up

(CHICAGO) — Illinois gas prices inched up 2 cents from a week ago, and the conflict in the Middle East is partially to blame.

Monday’s state average for a regular gallon of gas is $3.63 The price of gas is 28 cents less than a month ago, and 60 cents less than this time last year.

“Gas prices may still fall on the momentum created by the seasonal downturn in fuel demand, coupled with stronger gasoline supplies and the switch to cheaper winter blend gasoline,” said Molly Hart, spokeswoman for AAA – The Auto Club Group. “However, this may not continue now that oil and gasoline futures prices logged a second consecutive week of gains.”

The U.S. price of oil logged a small 1% gain last week, amid ongoing concerns about the conflict between Israel and Hamas. In total, U.S. oil has risen $6 per barrel (7%) over the past two weeks. Gasoline futures also rose 11 cents per gallon last week, for a total increase of nearly 20 cents in two weeks.