23 Aug 2014
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Gas Prices Continue to Rise

CNN Money reported Monday the average price for a gallon of gasoline in America is $3.73. Gas prices in Algonquin and Lake in the Hills are even higher.

Gas Prices Continue to Rise

Most motorists have noticed that the price of gasoline has done nothing but rise over the past month.

CNN Money reported Monday that the average price for a gallon of regular unleaded gasoline in America has increased more than 13 percent over the past 32 days to $3.73.

As of Tuesday morning, gas prices in Algonquin and Lake in the Hills ranged from $3.95 at many area gas stations to $4.04 at the Marathon station at 2050 E. Algonquin Road, according to GasBuddy.com

CNN Money is crediting the price increase to a combination of factors including rising crude oil prices, production cuts and refinery closings

The Chicago Tribune reported last week a number of refinery issues in the area have affected the gas prices including an overhaul of BP's Whiting refinery and a fire at a refinery in Ohio.

AAA predicts local refinery issues will continue to push gas prices up in the months to come, according to the Tribune article.

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