CHICAGO (CBS) – It sure hurts to fill up with gasoline right now, but everything is going up, not just gasoline prices.
CBS 2 political investigator Dana Kozlov took stock on Tuesday evening.
READ MORE: Jackson Sparks, 8, becomes sixth victim to die after SUV passes through Waukesha Christmas parade, suspect Darrell Brooks’ bail set at $ 5 million
Gas prices are now at their highest level in seven years. It was $ 4.17 Tuesday night at a gas station in River North.
But again, experts said gasoline won’t be the only product that will cost more for a while. Life in general is going to be more expensive.
Even the Dollar Tree won’t even sell things for just $ 1 anymore. The company has announced that many items will now cost $ 1.25.
If you’ve bought something recently, it’s no surprise.
“I think you’re going to see a more expensive holiday season,” said Brian Phelan, economist at DePaul University.
Phelan said prices will continue to rise for almost everything, as they have in recent months.
“So on the supply side you have labor shortages, which makes it difficult and more expensive for businesses to produce goods – and that in itself will drive up prices,” he said. he declares.
READ MORE: City officials investigate complaints of unpaid overtime, discrimination and sexual harassment at Parlor Pizza
Add to that a growing post-pandemic demand with the holidays, and supply buying will become even more necessary until things stabilize. Phelan thinks it could take months.
But gas prices are a bit different. Phelan said the increased demand now that people are driving again is certainly a high price factor, as is vacation travel.
But the supply of crude oil is also pushing up prices. President Joe Biden is now ordering the release of 50 million barrels of crude oil from the Strategic Petroleum Reserve to help bring prices down – the largest such release in U.S. history.
“We hope that prices stabilize and start to fall,” said US Secretary of Energy Jennifer Granholm.
But Phelan warned the move wouldn’t change anything immediately.
“Refineries have to turn it into gas, and it just takes time, so it’s unlikely to have an immediate effect at all,” he said.
Phelan’s prediction is that it will be four to six weeks before drivers notice any substantial savings at the pump.
And it could be worse. In Los Angeles, $ 5.29 a gallon is on average.
NO MORE NEWS: Northern suburban brothers Christian and Mark Kulas plead guilty to participating in the Capitol uprising
Right now, the national average for a gallon of gasoline is $ 3.40. In Chicago, it’s around $ 3.89.