ECONOMY

Regional gas prices rise amid oil-market volatility concerns

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United States. Gas prices increased across several regions this week, with GasBuddy and AAA reporting weekly and month-over-month gains on Monday. South Carolina's average rose to $4.11 per gallon, Rochester averaged $4.54, Michigan $4.73, Peoria $4.94, and Illinois registered among the highest statewide averages near $4.99. This week’s rises followed a brief easing in some Great Lakes states and comments from analysts that U.S.-Iran talks influenced oil prices; Patrick De Haan and AAA spokespeople warned of volatility. Governors in Indiana and Kentucky temporarily suspended gas taxes, while Illinois’ scheduled automatic tax increase remains set for July 1, affecting near-term pump prices.

Prepared by Christopher Adams and reviewed by editorial team.

Timeline of Events

2019: Illinois enacts Rebuild Illinois law creating automatic gas-tax indexing.
2022: Governor Pritzker paused a scheduled gas tax increase amid high prices.
1 Jan 2023: Illinois reinstated the automatic gas tax increase after the election.
This week: GasBuddy and AAA reported mixed weekly changes with upward pressure in many metros.
1 July (upcoming): Illinois gas tax scheduled to rise from 48.3¢ to 49.6¢ per gallon.

Why This Matters to You

Your wallet is feeling the pinch as gas prices rise. If you're in Illinois, brace for more as the gas tax increase kicks in on July 1. Check your budget and plan your driving to avoid unnecessary trips.

The Bottom Line

Gas prices are a rollercoaster right now, influenced by global politics and local taxes. It's a tough ride, but you're not alone. Worth forwarding if you know someone else feeling the gas price squeeze.