Louie Juarez has seen the way the cost of gas has risen amid the ongoing war with Iran, which has disrupted global oil markets.
“Isn’t that crazy?” said Juarez, an employee at Circle K gas station in Sycamore. “I’m literally angry.”
Local motorists and tourists have been greeted this week by rising gas prices as the nation continues to grapple with the impact of the war with Iran.
It all comes to a head as the national observance of Easter fast approaches, a time when many families travel.
A point of contention in the war with Iran is whether the U.S. should intervene to keep the Strait of Hormuz open, according to The Associated Press. President Donald Trump and his administration have contended that allies need to do more in the war effort, telling them to “go get your own oil.”
There has been an average $1.08 spike in gas prices since March 2, which is the biggest one-month climb besides the time after Hurricane Katrina in 2005 or the sanctions place on Russia after its invasion of Ukraine in 2022, the AP reported.
Oil prices soared Thursday after Trump vowed the U.S. will continue to attack Iran and failed to offer a clear timetable for ending the conflict in the Middle East.
Patrick De Haan, head of petroleum analysis for GasBuddy, said prices in Illinois are $1.15 per gallon higher than a month ago and are 75 cents per gallon higher than a year ago.
“Gasoline and diesel prices continue to climb to multi-year highs as the effective closure of the Strait of Hormuz curtails the flow of millions of barrels of crude oil each day,” De Haan said in a news release. “The situation remains highly volatile and unpredictable, but upward pressure on fuel prices is likely to persist as long as global oil supplies are constrained by the continued disruption in the Strait. We’re likely to see the national average for gasoline push beyond the $4-per-gallon mark, while diesel could approach $6 per gallon and potentially set new records if conditions fail to improve.”
Jeremy Groves, associate professor of economics and chair of the department of economics at Northern Illinois University in DeKalb, said he sees rising gas prices as problematic to the nation’s economy.
“Gasoline really cuts into consumers’ budgets quite a bit,” Groves said. “It’s very hard for consumers to simply adjust. So, what that means is less consumption overall. That’s going to put a downward drag on the economy, and then that kind of starts a cycle.”
What it all means for the global economy remains unclear.
Groves said it’s difficult to get a gauge on that at this time.
Rather, he pointed to what he knows about gas as a commodity.
“It’s just a sign that there’s a lot of uncertainty, and then you bring something like this to play, it’s definitely going to have an effect in the U.S.,” Groves said. “Globally, you know, it really depends on how important gasoline is to everyday life, and that’s why I think it’s probably also going to impact the U.S. a little bit more, is because we are more car- and auto-oriented.”
Motorists, like Juarez, are bracing for the cost of gas to keep rising, but are hopeful it won’t.
Juarez said his own wallet has been feeling the pinch lately.
“Before, I used to pay under $40,” Juarez said. “Now, it’s almost $60.”
Prices have been volatile locally, even as statewide and national averages continue to rise. On Sunday at a Circle K off Route 64 on the east side of Sycamore, gas was $4.19.
On Tuesday morning, the cost of regular unleaded gas was selling at the Circle K gas station off Bethany Road in Sycamore for $3.89 a gallon.
Brad Hoey, special projects manager for the DeKalb County Convention and Visitors Bureau said as travel picks up, tourists could feel that pressure at the pump even more.
“If this gets into the peak travel times during the summer – and that usually starts around Memorial Day weekend – that could impact people’s plans for what they are going to see and do this summer," Hoey said.
Tuesday also marked the first time since 2022 that gas prices surged past an average of $4 a gallon nationally, according to The AP. Around that time, motorists were paying more at the pump to help compensate for Russia’s invasion of Ukraine four years ago.
On Friday, the Marathon gas station at 933 S. Fourth St. in DeKalb was $4.29 a gallon, according to GasBuddy. The BP at 5520 W. Elm St. in McHenry was $3.99. The Mobil station at 1529 N. Broadway St. in Joliet was $4.25. Speedway at 2925 Riverstone Pkwy. in Kankakee was $3.89. The Shell at 802 Third St. in La Salle was $4.19. Marathon at 707 N. Galena Ave. in Dixon was $4.14. At a BP on West Schaumburg Road in the suburbs, gas was $4.39. Gas stations in Chicago ranged from $4.19 to $4.34 on GasBuddy on Friday.
The highest recorded average price of regular unleaded gas in the nation was reported in June 2022, amounting to just north of $5 a gallon, according to data from the American Automobile Association.
When asked if he sees relief at the gas pump happening anytime soon, Groves said it’s not easy to say.
“It really depends on the appetite and how far we allow and how far this kind of snowballs,” he said.
Hoey encourages motorists to weigh their options when planning any travel.
“Now the one thing that people can do locally, should that conflict extend into the summer, is look at what destinations are within my own backyard that I can visit and explore, and that’s where we have a lot of assets in DeKalb County,” Hoey said.
Hoey said rising gas prices could make for a boon for the local, regional, and state tourism scene.
“We’ve tried to take advantage of that and encourage people to explore things right there in their own backyard,” Hoey said.
:quality(70)/author-service-images-prod-us-east-1.publishing.aws.arc.pub/shawmedia/670e1b81-921a-4140-9c50-69b66cad217c.jpg)