Gas price surge to cost Chicago $1 billion

By Rachel Koning, CBS MarketWatch Last Update: 12:39 PM ET Jun 18, 2000 NewsWatch

CHICAGO (CBS.MW) -- The highest gas prices in some 30 years are expected to cost the Chicago economy about $1 billion, according to reports.

The surge in gas prices already accounts for a $4.6-million deficit in the city's budget for fuel this year, according to Crain's Chicago Business. In addition, taxi drivers are pushing for a fare increase to counter the higher gas price. But the cost of higher energy looks to expand beyond grumbling motorists hit at the height of the summer driving season. The local business paper conducted a survey that also found 36,000 area jobs at risk owed to rising energy prices.

While rising energy prices are affecting the entire United States, the upper Midwest has been hardest hit. Most observers site new environmental standards in propelling pump prices to over $2 a gallon in the area. On a broader level, OPEC production uncertainties have lifted crude prices over $30 a barrel, a level not seen since the Gulf War

http://cbs.marketwatch.com/archive/20000618/news/current/Chicagogas.htx?source=blq/isynd&dist=isynd

-- Martin Thompson (mthom1927@aol.com), June 18, 2000

Answers

The informed public knew this was to suppose to happen over a year ago or longer. Why are we suppose to be so surprised?? No mentiom of any Y2K problems? Strange is'nt it? Out of sight out of mind! These irregularities are just day to day happenings, aren't they? Beam me up!

-- Ruth Angell (bar@bpsinet.com), June 18, 2000.

I fully believe that Y2K DID have some impact on our refineries and offshore rigs. Y2K Newswire warned about eight months ago that oil would rise dramatically due to failures in imbedded chip logic. So for you folks who went against the grain and actually prepared- you did the right thing. I can tell you rather frankly that based on the fact that over 90% of the populace chose not to prepare, had Y2K been a catastrophe our civilization would not have made it. At least without divine intervention.

-- Brendon (Georgiabotz@yahoo.com), June 18, 2000.