02/18/2013 12:24 pm ET Updated Feb 18, 2013

Chicago Gas Prices Hit Record Mid-February High Of $4.08 Per Gallon

Gas prices in Chicago have been on the rise for weeks -- and now, they've hit a record high for this time of year.

Since this same time last month, drivers filling up their tanks in Chicago are paying 40 cents more for each gallon of gas after 31 consecutive days of rising prices, CBS Chicago reports. According to NBC Chicago, the city's current average gas price is $4.08 per gallon, over 35 cents more than the $3.71 national average, which has also been on a steady rise in recent weeks.

Why are the prices so high? Analysts told Fox Chicago that oil supplies are lower because some refineries are switching to pricier summer blends or shutting down for maintenance. NBC notes that Saudi Arabia has also chosen to reduce its output of oil, further reducing supplies.

Analysts told the Chicago Tribune last week that higher gas prices in February are not unusual because demand tends to be relatively low ahead of the spring driving season.



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