17:00 PM

Gas Prices Likely to Rise on OPEC+ Production Cuts

Illinois gas prices increased 14 cents per gallon from last week and additional price hikes

CHICAGO, Ill., (April 3, 2023) — Illinois gas prices ($3.83) increased by 14 cents per gallon from a week ago ($3.69) and additional price hikes are likely to come, after Saudi Arabia unexpectedly announced plans to cut oil production, causing oil prices to rise overnight.

On Sunday, Saudi Arabia and other OPEC+ countries announced surprise plans to cut oil production by more than a million barrels per day, beginning in May. The cuts are reportedly an effort to prop up oil prices, which recently plummeted to 15-month lows due to fuel demand concerns created by the banking crisis.

Oil prices quickly shot up, following this announcement. The U.S. price of oil traded just above $80 a barrel, Sunday evening. A benchmark that hasn't been breached since early March. That's an increase of nearly $5 or 6.5% more than the closing price on Friday. That price hike alone is equivalent to a 13 cent jump at the pump.



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Ways to Save on Gasoline

  • Combine errands to limit driving time.
  • Shop around for the best gas prices in your community.
  • Pay with cash. Some retailers charge extra per gallon for customers who pay with a credit card.
  • Remove excess weight in your vehicle. Every 100 pounds taken out of the vehicle improves fuel economy by 1-2 percent.
  • Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.

AAA Resources for Drivers

  • Enroll in savings programs. AAA Members who enroll in Shell's Fuel Rewards program can save 30 cents per gallon on their first fill-up and 5 cents per gallon each additional trip to the pump. Click here for more information.
  • Get a tune-up. Ensure your vehicle is properly maintained to optimize its fuel economy. Visit AAA.com/AutoRepair to find a certified repair shop.
  • Find the lowest gas prices in your area by using the free AAA mobile app.
  • Determine anticipated fuel costs for your trip by using the AAA's Gas Cost Calculator.

Drivers can find current gas prices using AAA.com/FuelFinder which allows consumers to compare gas prices at retailers by city or zip code.