ADVERTISEMENT
Traffic:   119 Incidents
Weather: 65°F Go
  03:04am CDT, 07/25/08
Search:    wbbm780.com  Web  Audio
Local News
Posted: Friday, 09 May 2008 8:03AM

Gas Prices Keep Heading Higher

COMMENT ON THIS STORY 

CHICAGO (CBS 2/WBBM)
― Gas prices have reached another record high, and experts say nervous investors are partly to blame.

This morning, gas was selling for $4.28/gallon at the Mobil Station at Fullerton & Seminary in Chicago. No fewer than nine stations were charging $4.19/gallon.

Get local gas prices HERE.

CBS 2 reports according to a local gas price Web site a West Side station at Ogden and Western Avenue has the highest price for unleaded regular in the area - $4.19 a gallon. But as prices continue to climb, that $4 barrier will soon be breached throughout Chicago.

As gas prices continue to run up, frustrated drivers are burning up.

"I just put about $20 in and I got about 3.2 gallons...this is crazy," said driver Cory York.

And one phrase that's dying out is "filler up."

"I'm not filling up, I'll tell you that, not gonna get a full tank," said Mike Hardesty.

"I know I need to fill up and it would be better, but I can't see the $60 to $70 in at one time," Gloria Samuels said.

After hitting record levels in trading Wednesday, oil prices fell a bit Thursday, to just under $123 a barrel.

But according to AAA, average prices for regular gas hit all-time record highs Thursday at $3.64 nationwide, almost $3.81 statewide, and $3.88 in Chicago.

"As long as crude oil continues to set new records, that doesn't bode well for commuters at the point," said Nicole Niemi of AAA Chicago.

Skyrocketing oil prices are driven by the kind of nervous investors who once bought gold, but now buy black gold.

"If you're worried about the economy, if you're worried about U.S. banks failing, if you're worried about banks failing overseas, you buy oil because it's something you can hold on to and use in the face of a total market collapse," said oil market analyst Phil Flynn.

How high could it go? Goldman Sachs says unless the U.S. economy perks up and the dollar gets stronger, oil prices could reach $150 to $200 a barrel, pushing gas prices upwards of $5 dollars a gallon.

As gas prices continue to run up, frustrated drivers are burning up.

"I just put about $20 in and I got about 3.2 gallons...this is crazy," said driver Cory York.

And one phrase that's dying out is "filler up."

"I'm not filling up, I'll tell you that, not gonna get a full tank," said Mike Hardesty.

"I know I need to fill up and it would be better, but I can't see the $60 to $70 in at one time," Gloria Samuels said.

After hitting record levels in trading Wednesday, oil prices fell a bit Thursday, to just under $123 a barrel.

But according to AAA, average prices for regular gas hit all-time record highs Thursday at $3.64 nationwide, almost $3.81 statewide, and $3.88 in Chicago.

"As long as crude oil continues to set new records, that doesn't bode well for commuters at the point," said Nicole Niemi of AAA Chicago.

Skyrocketing oil prices are driven by the kind of nervous investors who once bought gold, but now buy black gold.

"If you're worried about the economy, if you're worried about U.S. banks failing, if you're worried about banks failing overseas, you buy oil because it's something you can hold on to and use in the face of a total market collapse," said oil market analyst Phil Flynn.

How high could it go? Goldman Sachs says unless the U.S. economy perks up and the dollar gets stronger, oil prices could reach $150 to $200 a barrel, pushing gas prices upwards of $5 dollars a gallon.


Contents of this site are Copyright 2008 by WBBM. CBS 2 contributed to this report.
 
 
05/09/2008 8:19AM
Comment On This Story
Share your thoughts.
05/09/2008 9:24AM
E C
Americans should insist that we use Oil we produce and refine. It is out ragous for the greatest country in the world to be brought to our knees by the very people that want to distroy us, given that we have options.
05/09/2008 11:14AM
Higher and Higher
Why don't our country step up to the plate and stop the rising gas prices one and for all. This would be a nice departing gesture of our president to lock in low gas prices. Middle class people are beginning to feel the pressure. Stop this once and for all!!
05/09/2008 12:36PM
Higher and Higher
I think that there should be a tax on the oil companies. It should be done in such a way that they cannot pass it on to us.
05/09/2008 12:36PM
Need Higher Gas Tax and Reduce Other Taxes
The only solution is to reduce demand. We need to raise the gas tax and reduce other taxes. We also need to give people a dis-incentive to drive SUVs instead of small cars. Perhaps requiring SUVs to have truck plates and the truck restrictions of not using the left lane will encourage thrifty vehicle choices.
05/09/2008 1:37PM
Take back America
The Bush administration has completely sold this country out to foreign interests. There's more oil under Montana than allof Saudi Arabia. Experts forecast it could be got out of the ground for ONE FIFTH what the Mohammedans are raping us for. How about a 500% tax on imported oil, and all the money go for tax credits for developing our own oil, and get the oily foreign noose off our necks?
Title:
Comment:
Print Page Email This Page
Featured Audio
780 WBBM 4:30 p.m. News for July 24th
Our 4:30 news block, taken off-air, plus the hottest interview from our Noon Business Hour.
Real Estate Feature with David Roeder for 7-24
Advice and tips on real estate for homeowners and homebuyers.
Eating Right for 7-24
Tips on living and eating healthy.
WBBM 8:30 a.m News-To-Go
The latest news from the WBBM-AM newsroom.
 
 
ADVERTISEMENT
 
 
Top News
Pfleger Calls For Common Sense Gun Laws - VIDEO
More than a dozen members of St. Sabina Church rallied at the state of Illinois building, pleading with lawmakers to pass what the lawmakers call common sense gun laws.
UPDATE: Bartman Turns Down $25,000 For Autograph
Counsel: Confident Gun Ban Will Hold
Man Charged With Robbing Gas Station - Three Times
Cop Gets Probation For Beating Handcuffed Suspect
 
 
Search: