Midwest Sees Dramatic Spike in Gas Prices

By Colin Bird  on August 5, 2012

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As gasoline prices continue to rise across the country over tensions between the U.S. and Iran as well as general economic uncertainty, the national average price was up more than 13 cents from last week. However, the Midwest has seen the steepest increase in prices, according to AAA.

Gas prices have increased an astonishing 30 cents to 40 cents per gallon of regular unleaded throughout the Midwest, according to AAA.

Temporarily reduced Midwestern refinery capacity and a Wisconsin pipeline rupture, which usually delivers oil to the Chicago area, have conspired against the Midwest region, leading to significant price increases, according to the Chicago Tribune.

The average price for regular fuel in Illinois was $4.064 per gallon today; that's about 40 cents more than last week's average price of $3.661. In Indiana, the average price for regular gas was $3.919, which is 45 cents more than last week's average price of $3.469, and Michigan's average price is $3.994 per gallon, a 39-cent increase over last week's price. That's a stark contrast to the five-cent rise in California's and New York's average price and Florida's 12-cent increase.

Fortunately, the disruptions are temporary, according to the Chicago Tribune, with prices likely to fall over the next few weeks as more refineries return to full production, experts told the paper.

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