Chicago area residents rush to fill up gas tanks before potential price increase
CHICAGO - The war in Ukraine is just one of the reasons why gas prices are shooting up.
Gas prices in the Chicago suburbs are hovering around $4. In the city, you can expect to pay over $4 for gas.
Some gas stations, like Costco, saw a lot of action Monday as drivers tried to fill up before it gets even worse.
Phil Flynn, with the Price Futures Group and a Fox Business Analyst, says crude oil supplies are already strapped.
Now, there are sanctions on Russia on almost everything — but crude oil.
The reason your gallons are more expensive at the pump is the fear that the Russian supply might get cut off.
"Even though there's technically not sanctions on there, a lot of people are saying, 'I don't want to touch this stuff, because there could be sanctions on it tomorrow. So I'm looking for alternatives. So I'm over there, and they're in there. I don't want to buy from Russia,'" said Flynn.
Flynn says Russia probably produces one out of every 10 barrels in the world — every day.