SPRINGFIELD, Ill. (IRN) – It will surprise no one to know that the price of gasoline is high.
The statewide average for March is $3.62, according to the monthly survey by the Triple-A Chicago Motor Club. This is up 36 cents from February and 83 cents from a year ago.
The price of crude oil is being affected by unrest in the Middle East, but Triple-A spokesman Beth Mosher says there’s more: The switch this week from winter-grade to summer-grade fuel added about five cents to the prices.
As for the price of crude oil, traders this week have had to deal with the war in Libya, the unrest in Bahrain, where there has been a cutback in production, and the destruction in Japan, which has resulted in a reduction in demand of 1.4 million barrels a day. The changes in the price of crude oil have not shown up in the retail price at the gas pump in recent days, Mosher says.
Mosher says the price isn’t high enough yet to cause widespread conservation, though individuals will cut back on consumption if their circumstances allow.
Copyright Illinois Radio Network