Gas Prices in Kankakee County soared past the long-feared $4-per-gallon threshold Wednesday night, with prices at most city stations hitting $4.09 within a matter of hours.
A quick check on Wednesday night showed local stations in virtual lock-step on prices for regular self-serve gasoline -- Mike's Shell on Station Street, BP on Court Street, Speedway on Route 17, Citgo on Court Street and both Phillips 66 stations on Court street all had prices at $4.09 a gallon.
"I'm going to have to mortgage the house to fill up the truck, this is (expletive) ridiculous," a customer at the Phillips 66 in west Kankakee yelled to anyone within earshot before squealing off in his full-sized Ford pickup. A check of his gas pump showed he'd just spent $84 for a tank of fuel.
Gas City, however, was the undisputed local gas price leader.
The station, right off of Interstate 57, was charging $4.15 per gallon Wednesday night. The only other exception was the Marathon station, across from the BP on Court Street, which sold gas for $4.08 a gallon.
As early as last weekend, gas in the region hovered in the $3.90 to $3.93 range. Some stations may still have gas for that price -- according to Gasbuddy.com/Illinois, gas remained at $3.93 per gallon at the Speedway, 111 S. Kinzie in Kankakee as of 7 p.m.
Prices also topped the $4 per gallon threshold in Bloomington-Normal, which is typically 5 cents or more cheaper than in Kankakee County, according to The Bloomington-Pantagraph. According to AAA Chicago, prices in downstate cities of Peoria and Champaign, roughly 90 miles south of Kankakee remained in the sub $4-per-gallon range.
Experts blame record-closing oil prices of $133 per barrel and increased demand from Memorial Day travel for the surge.
"If these numbers continue to climb, it doesn't bode well for motorists during Memorial Day weekend travel," Nicole Niemi, AAA Chicago's spokesperson, said in a statement.
Others say rampant speculation on the commodities market and soaring demand in India and China are partially to blame. Saudi Arabia also has repeatedly refused to pump more oil to meet demand, further driving up prices.
AAA Chicago's most recent Fuel Gauge Report estimates that in Illinois, regular unleaded gasoline has increased 44 cents during the past month, which is 57 cents higher per gallon than last at this time last year.
The record high gasoline and oil prices came as Congress grilled the executives of the nation's oil firms -- already swimming in record profits -- on why more can't be done to help consumers.
"Where is the corporate conscience?" Sen. **** Durbin, D-Ill., asked the top executives of the five largest U.S. oil companies.
The national average price of a gallon of gasoline hit $3.80, with $4 showing up in more places. Crude prices increased even more in late electronic trading Wednesday hitting $134 for the first time.
It was the second time this year the executives had been summoned to testify before Congress. When they came in early April oil cost about $98 a barrel.
The Associated Press contributed to this report