State gas prices up slightly
Average retail gasoline prices in Illinois have risen 0.6 cents per gallon in the past week, averaging $3.48 per gallon Sunday, according to GasBuddy's daily survey of 4,378 gas outlets in Illinois. This compares with the national average that has increased 1.2 cents per gallon in the last week to $3.34 per gallon, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Illinois during the past week, prices yesterday were 3.4 cents per gallon lower than the same day one year ago and are 2.9 cents per gallon lower than a month ago. The national average has decreased 8.5 cents per gallon during the last month and stands 8.6 cents per gallon lower than this day one year ago.
"Hard to believe, but in a week that saw U.S. airstrikes on Iraq targeting ISIS (the Islamic State of Iraq & Syria) terrorism, the resulting 'spike' in crude oil prices was barely a ripple," said GasBuddy.com Senior Petroleum Analyst Gregg Laskoski. "The benchmark West Texas Intermediate (WTI) ended the week just 2 dollars per barrel higher than it started."
"Undoubtedly, robust U.S. oil production this year has greatly reduced the potential volatility in global markets that such events would have otherwise induced," he added.