Why is gas so expensive? Concerns over Russian supply and China COVID shutdowns are likely factoring into fuel price, experts say.
CHICAGO -- Gas prices are close to hitting yet another record high just ahead of the summer driving season.
Average gasoline prices in Chicago have risen 20.8 cents per gallon in the last week, averaging $4.80 per gallon Monday, according to GasBuddy's survey of more than 1,400 gas stations in Chicago. Fuel prices are being pushed higher by increased demand and rising oil prices, due to concern about less Russian oil entering the global market. And oil prices are expected to rise even higher once cities in China lift their COVID lockdowns.
According to AAA, the national average for a gallon of regular is now $4.32, up 18 cents from last month, and 1 cent below the all-time high set on March 11.
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