Isaac Threatens Gas Price Spike in Chicago

Chicago's average price stands at $4.19 a gallon, about 40 cents more than last month

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    NEWSLETTERS

    TK
    Getty Images/OJO Images

    Once again Chicago is paying the highest gas prices in the country.

    At the BP at Wabash Avenue and Roosevelt Road Monday morning, regular unleaded was at $4.44, and it's only expected to go up as the Gulf Coast shuts down, bracing for Tropical Storm Isaac.

    In preparation for the storm, many oil companies have evacuated their rigs in the Gulf of Mexico. That's not good news for Gulf Coast oil production, which accounts for about 16 percent of the oil made in the country.

    Experts estimate a 75 percent to 90 percent shut down in the Gulf because of the storm, and with Isaac headed for the Louisiana coast, the markets are expecting oil prices to spike Monday.

    Chicago's average price now stands at $4.19 a gallon, according to GasBuddy.com. That's about 40 cents more than the $3.79 a gallon we were paying a month ago.

    The national average is $3.73.

    "I think that's crazy," said taxi driver Gregory Kelly. "We're already paying out the nose."