Have You Noticed That Illinois Gas Prices Are Rising?

Maybe you didn't think much about gas prices in November, as they were on average about 11 cents cheaper per gallon than in October. However, due to some moves made by OPEC, you can expect to start noticing this month, and even more as we head into the new year.

Drivers in Illinois and northern Indiana are paying more at the pump this week and prices will move even higher based on an agreement reached by the Organization of Petroleum Exporting Countries (OPEC). OPEC announced plans to cut crude oil production by 1.2 million barrels a day to 32.5 million a day, effective in January 2017. The shift is aimed at draining a global oversupply that led to lower fuel prices in the last two years.

What does that mean to us? AAA Chicago explains:

Analysts believe the OPEC agreement could boost crude prices by $5 or more, which would directly lead to increases of at least 13 cents at the pump. Retail prices were already rising this week based on the expectation that a deal would be reached. Illinois and Indiana drivers are currently paying on average $2.21 and $2.17 respectively for a gallon of regular unleaded. These prices are respectively up from $2.16 and $2.05 from a month ago. “Unfortunately, now that the OPEC deal has been made, drivers will likely see prices climb even higher as the price of oil jumps,” said Beth Mosher, director of public affairs for AAA Chicago. While prices are rising after the OPEC deal, overall across Illinois and Indiana, drivers paid very reasonable prices last month. In November in Illinois, gas prices averaged $2.14, which was down $.13 from October, and just $.02 less than a year ago. In northern Indiana, gas prices averaged $2.03 in November, which was down $.11 from October and down $.01 from November 2015.

Here's what some of the per-gallon averages around our region were in November:

• In Winnebago County, self-serve regular unleaded gasoline averages $2.07 per gallon, a decrease of $.12 from October and $.09 lower than November 2015
• In Cook County, self-serve regular unleaded gasoline averages $2.37, which is down $.11 from last month and even with last year’s price-per-gallon.
• In DuPage County, self-serve regular unleaded gasoline averages $2.18 per gallon, which is a $.12 decrease from October and down $.02 from last year.
• In Kane County, self-serve regular unleaded gasoline averages $2.14 per gallon, which is down $.14 compared to last month and $.01 lower than November 2015’s price.
• In Lake County, self-serve regular unleaded gasoline averages $2.14 per gallon, which is $.14 lower than last month and down by $.02 compared to this time last year.
• In McHenry County, self-serve regular unleaded gasoline averages $2.13 per gallon, which is $.13 lower than last month’s average and even with last year’s price per gallon.
• In Will County, self-serve regular unleaded gasoline averages $2.10 per gallon, which is $.16 lower compared to last month and $.04 lower compared to last year.

Be glad you're not filling the tank on one of these...