Analysts weigh in on Chicago's gas prices

April 11, 2011

(Photo by Diane Peacock via Flickr)
Gasoline prices in Chicago are some of the highest in the country

Drivers around Chicago are paying some of the highest prices for gasoline in the country. AAA estimates the average price per gallon around Chicago is $4.11.

Tom Kloza is with the Oil Price Information Service. He said the Chicago region moved to a summer blend of gasoline earlier than most other parts of the country. Kloza said the blend is more expensive and is contributing to the higher prices.

"Prices have overreacted as they are wont to do every year," Kloza said. "Part of that overreaction has had to do with worries about low supply and the switch to the summer gasoline, but those worries will fade away."

Kloza says he expects prices to continue rising until the end of May then he thinks things will calm down come June.

Meanwhile, Allen Good, an analyst with Morningstar in Chicago says it's possible gas prices could reach five dollars per gallon if the price of crude oil continues to increase as well.