04/09/2009 05:12 am ET | Updated May 25, 2011

CTA Locked In Gas Prices At High Rate 66% Above Market

The CTA took a big bet on fuel prices this year, and so far is losing big.

The transit agency, facing a budget shortfall of $242 million, is paying $3.80 on average per gallon for diesel fuel -- 66 percent higher than the market rate of about $2.29. The entire $102.8 million fuel budget in terms of gallons is hedged -- meaning the CTA locked in prices ahead of time.

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