Local gas prices soar

In reaction to protests in Libya, the price of crude oil has soared.

With a barrel of crude topping $100 for the first time since 2008, Shorewood residents are feeling the effects right here at home.

Today, local gas prices range from $3.29 at Speedway on Brook Forest to a whopping $3.55 at Gas City just down the road. The Mobil on Jefferson hovers at $3.39.

According to AAA.com, the area average for zip code 60404 is $3.39. Last week, it was $3.24 and last month $3.17. About six months to a  year ago, prices averaged $2.74. That is a 65 cent increase, or 24 percent in about six months.

That means, cars with 15-gallon tanks will take $50 to fill up.

These price hikes are blamed on the civil war in Libya. That country has the largest proven oil reserves in Africa, according to the Oil & Gas Journal. They produced 1.6 million barrels per day of crude oil in 2010, exporting 1.5 million of that, mostly to Europe, the journal said.

In addition to prices at gas stations, Shorewood residents can expect to see prices increase for other products, including food. Any product that is shipped accross the open road via the trucking industry will be affected. Also, local farmers will get hit with higher input costs.

To track local gas prices, click to AAA.com and select the fuel price finder.