Chicago Gas Prices Surpass $5 Amid Rising National Averages

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As summer approaches and demand increases, Chicago pump prices are reaching an all-time high.

According to NBC Chicago, the city's average price for a gallon of gas has reached $5.06 as of Monday (May 9). AAA reports that the U.S average has also increased to $4.32, which is just shy of the all-time national high of $4.33 set on March 11.

Average gas prices in Chicago have increased by 28 cents in merely a month's time. The city's current average is also sitting significantly higher than the state of Illinois, which is at $4.59 a gallon.

Experts say seasonal demand, volatile geopolitics, and the cost of summer gasoline blend are contributing to the skyrocketing prices.

Across the nation, the price at the pump increased by 13 cents over the past week, a substantial jump from the recent low of $4.07 a gallon.

According to CNN, at the start of 2022, gas prices were already high as the supply failed to keep up with the demand amid the country's recovery from the pandemic. Prices were exacerbated in February by Russia's invasion of Ukraine.

The White House combatted skyrocketing pump prices by releasing a record amount of oil from U.S. emergency oil stockpiles. However, as experts warned at the time, the relief from emergency oil was only temporary and averages across the nation are reflecting its minor impact, CNN reports.

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