QC gas prices hit record highs — and this is only the beginning
Gas prices sit at record highs, frustrating drivers who are reaching deep into their wallets as lawmakers look for ways to help them.
This includes the Quad Cities.
As of Friday evening, the average price for regular gas in Illinois is $4.18 a gallon — up 47 cents over the last week.
On the Iowa side, the average price for regular gas is $3.99 a gallon — up 55 cents in the last week.
A federal gas tax holiday is now getting talked about on Capitol Hill.
Illinois currently has the second gas tax in the nation — at 38 cents a gallon.
Some Republican state senators are putting up a bill that would cap the Illinois state gas tax at 18 cents.
Iowa House Speaker Pat Grassley said it’s unlikely Iowa would change its 30 cents a gallon gas tax.
How long will it take for gas prices to get lower?
A weekly economic outlook from Moody’s Analytics pointed out the problem is going to get worse before it gets better.
They pointed to a rule of thumb that, for every $10 per barrel increase in oil, U.S. retail gas prices go up 30 cents a gallon.
Moody’s believes the U.S. average of $4.25 a gallon will wind up around $4.50 a gallon soon.
Most analysts target mid-April as the peak for the gas price surge.