Gas prices abnormally high for January

January 19, 2011

Emily Wilensky

(Getty Images/Sean Gallup)
Driver's are paying 40 more for unleaded gas than this time last year.

Gas prices nationwide are surging this January and Chicago is no exception. According to AAA’s Fuel Gauge Report, drivers in Chicago are paying an average of $3.30 cents a gallon for unleaded gas. That's 40 cents more than last year.

Beth Mosher is a spokeswoman for AAA. She said customers can expect the trend to continue.
“We don't see any relief for this in sight,” she said.  “We think we're going to be experiencing the over $3 prices well into the year, if not for the entire year.”
Mosher says recent cold temperatures and a spike in global demand are driving up the price for crude oil. Right now a barrel of crude goes for about $91, up $12 dollars from a year ago.
A two year forecast by the U.S. Energy Information Administration shows crude prices rising to $99 a barrel by 2012. That's 2.4 cents more per gallon at the pump for every dollar increase in crude oil.