Lake County Gas Prices Rise Amid Middle East Tensions, Seasonal Changes

Gas prices are on the rise in Lake County and across the U.S.

On Monday, oil prices jumped sharply as conflict in the Middle East disrupted tanker traffic through the Strait of Hormuz, a crucial route for global oil exports, raising fears of wider supply shortages, the Associated Press is reporting.

Major producers and traders have pulled tankers from the area amid the widening war involving the U.S., Israel and Iran, pushing crude prices up and threatening higher gasoline costs worldwide.

On Monday, U.S. oil prices rose to $71.23 per barrel— a 6.3% increase — with every $1 rise in crude oil expected to translate into 2.5 to 3 cents more per gallon at retail pumps within two to seven days, Oguzhan Batmaz, assistant professor of economics at Lewis University in Romeoville, told Shaw Local.

He added that if crude prices reach $100 per barrel, drivers could pay $5 more to fill a 20-gallon tank, though he hopes tensions ease before that happens.

“But hopefully this tension will mitigate soon,” he told Shaw Local, “and we will not pay this kind of change in gas prices.”

As of Monday evening, the lowest gas price available in Grayslake was $2.87 per gallon, according to GasBuddy.com.

Meanwhile, the Lake County average topped $3 per gallon, slightly above the state average of $3.059 and national average of $2.997, according to AAA. A week ago, the average per gallon price in Lake County was $2.90.

Prior to the weekend news of attacks in Iran, fuel costs were already on the rise. On Thursday, AAA officials said the national average for a gallon of regular gasoline went up by more than 5 cents in a week to $2.98. This was due to refineries beginning the process of producing summer-blend gasoline, which contains pricier additives to help reduce evaporation during warmer months.

Gas demand is also expected to increase next month as spring break season kicks off and more drivers take road trips, according to AAA.

Gasoline prices often spike quickly during times of global uncertainty because oil markets react to the risk of supply disruptions, according to the U.S. Information Administration. Even the perception of conflict or instability in major oil‑producing regions can push crude prices higher, which then filters down to pump prices across the U.S.

After the September 11, 2001 terrorist attacks, isolated reports showed gasoline prices spiked sharply in some areas — with stations in parts of the Midwest temporarily charging as much as $5 a gallon and prices jumping by 20–40 cents per gallon amid panic buying and supply fears — before stabilizing once officials reassured the public and distribution resumed, according to the Washington Post.

Similarly, in the months leading up to the 2003 Iraq War, fears of conflict in a key oil‑producing region helped push crude oil over $35 per barrel and contributed to higher gasoline prices in the U.S., including in the Chicago area, according to CNN Money. At that time, gas prices rose 12 cents per gallon in two weeks in Chicago.