(CHICAGO) — It’s costing more at the pump with gas prices increasing, on average, 45 cents in just a week’s time.
The reasons? OPEC cutting production, the ongoing war in Ukraine and now drought. Phil Flynn, with the Price Futures Group and a Fox Business contributor, says a lack of rain could impact corn production.
“I’m getting worried about the price of corn,” Flynn told The Steve Cochran Show on WLS-AM 890. “If we don’t get some rain here we could see the cost of ethanol go up and that’s another thing that could add to upward pressure on gasoline prices.”
Flynn says the switch to the Chicago summer blend is also adding to increased prices. The average price for a gallon of regular unleaded nationwide is $3.58. In Illinois the average is $4.04.
