Michigan

Chicago, The Writing Is On The Wall

The city of Chicago is in for some tough times down the road.

“The Machine” keeps putting a positive spin on the city’s deteriorating financial condition, but the numbers don’t lie. I’ve rattled them off time and time again, the most recent being Tuesday. The Chicago press (sans Fran Spielman over at the Chicago Sun-Times and a few others) has even caught on, publishing articles with more frequency these days that reveal just how ugly the city’s finances truly are. Case in point, a Chicago Tribune editorial entitled “Chicago is on the road to Detroit” that appeared on their website yesterday. From the piece:

By the most recent numbers, Mayor Rahm Emanuel’s government owes $13.9 billion in general obligation bond debt, plus $19.5 billion in unfunded pension obligations. Add in Chicago Public Schools and City Hall’s other “sister agencies” and you’re talking billions more in debts that Chicago taxpayers owe. Yet here we are on a Wednesday when the mayor probably will get approval from a derelict City Council to issue another up-to-$900 million in bonds backed by property taxes — and to double, to $1 billion, the amount of short-term bank money his administration can borrow to raise cash…

(Editor’s note: Italics added for emphasis)

By the way, Mayor Emanuel got that approval. Fran Spielman reported on the Chicago Sun-Times website Wednesday morning:

Without a word of debate, the City Council on Wednesday blindly added $1.9 billion to Chicago’s mountain of debt even though aldermen have no idea how the money will be spent.

The vote was 43-to-4. “No” votes were cast by Aldermen Bob Fioretti (2nd), Scott Waguespack (32nd), Brendan Reilly (42nd) and John Arena (45th)…

Now, I’ve heard/read some Chicagoans say something along the lines of don’t worry about the city’s finances, Governor Quinn and the State of Illinois or President Barack Obama and the federal government will ride to the rescue of their fellow Democrats in control of the “Windy City.”

To which I say, I’m not so sure. Is there anyone in America who doesn’t know how much of an economic basket case the “Land of Lincoln” is? A $100.5 billion public pension debt and the worst credit rating of all 50 U.S. states routinely make headlines across the country. As for the federal government, I keep encountering the words “insolvent” and “bankrupt” more and more these days to describe the nation’s finances. And don’t think for a second other economically-challenged cities across the country won’t cry foul to the Oval Office and their elected representatives if Chicago is bailed out. I find it hard to believe the State of Illinois or the Feds could come to Chicago’s rescue without there being serious financial and political repercussions.

Chicago, the writing is on the wall. By the looks of things, that great city where I was born and from which I recently just left is now past the proverbial point of no return, no longer looking capable of effectively navigating the growing financial crisis.

While I don’t foresee the city’s death, I do envision a continuation of its already gradual decline until a point of fiscal implosion is reached. Will it be Detroit-esque in its bottoming out? I don’t know. But it sure as hell won’t be pretty.

Faced with such a scenario, will Chicagoans choose to stay and contend with the almost certain prospect of much higher taxes and fees in conjunction with curtailed city services (public safety comes to mind here), or will they depart the “Second City” like I did?

One might think the latter (going), but I’m sure there will be plenty of the former (staying).

In the interests of surviving and prospering, which is the better choice?

I don’t think the answer is as clear-cut as many readers might think. And it’s something I’ll be exploring and blogging about more in the coming days.

By Christopher E. Hill
Survival And Prosperity (survivalandprosperity.com)

Sources:

“Chicago is on the road to Detroit.” Chicago Tribune. 5 Feb. 2014. (http://www.chicagotribune.com/news/opinion/editorials/ct-chicago-debt-edit-0205-20140205,0,3757189.story). 6 Feb. 2014.

Spielman, Fran. “City Council OKs going $1.9 billion deeper into debt.” Chicago Sun-Times. 5 Feb. 2014. (http://www.suntimes.com/25398572-761/city-council-oks-going-19-billion-deeper-into-debt.html). 6 Feb. 2014.

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Chicago Borrows $1.9 Billion, Piling On More Debt ‘For The Children’

“Mayor Rahm Emanuel closed the books on 2011 with $310 million in cash on hand, $167 million more than the year before, but added $465 million to the mountain of debt piled on Chicago taxpayers, year-end audits show…

The new round of borrowing brings Chicago’s total long-term debt to just over $27 billion. That’s $10,000 for every one of the city’s nearly 2.7 million residents. More than a decade ago, the debt load was $9.6 billion or $3,338-per-resident.”

Chicago Sun-Times website, July 22, 2012

“Mayor Rahm Emanuel closed the books on 2012 with $33.4 million in unallocated cash on hand — down from $167 million the year before — while adding to the mountain of debt piled on Chicago taxpayers, year-end audits show…

The new round of borrowing brings Chicago’s total long-term debt to nearly $29 billion. That’s $10,780 for every one of the city’s nearly 2.69 million residents.”

Chicago Sun-Times website, July 26, 2013

Chicago keeps piling on massive amounts of debt. From Fran Spielman yesterday on the Chicago Sun-Times website:

Chicago will test the bond market for the first time since its bond rating dropped three notches, thanks to $1.9 billion in borrowings added Monday to the mountain of debt piled on Chicago taxpayers.

The City Council’s Finance Committee authorized two massive borrowings: a $900 million general obligation bond issue to refinance old debt, pay for equipment and capital projects and bankroll $100 million for legal settlements incurred last year and a $1 billion borrowing for Midway Airport.

The Finance Committee also agreed to double — from $500 million to $1 billion — a so-called “commercial paper” program used to cover short-term borrowing between bond deals.

The general obligation bond issue includes $200 million in debt refinancing and $130 million in debt restructuring to “better align revenues with our obligations,” as [Chief Financial Officer Lois] Scott put it.

The so-called “scoop-and-toss” technique will stave off even higher taxes and fees, but it will saddle Chicagoans with another decade of debt that should be paid off today

(Editor’s note: Italics added for emphasis)

Mayor Rahm Emanuel’s worn-out line “it’s for the children” comes to mind here.

As well as that saying “you can pay now or pay later.”

Which is what Chicagoans will eventually be forced to do when the city’s “financial reckoning day” arrives.

The Chicago Tribune did a pretty good job illustrating just how serious the city’s debt crisis is becoming. Hal Dardick, Heather Gillers, and Jason Grotto reported on the Tribune website yesterday:

In a move that will add to the city’s mountain of debt, Mayor Rahm Emanuel won support Monday from the City Council’s Finance Committee to issue up to $900 million in bonds backed by property taxes.

It’s the largest request put forth during Emanuel’s tenure and comes at a time when Chicago already has about $7 billion in outstanding general obligation debt, more per capita than bankrupt Detroit or any of the 10 biggest U.S. cities except New York

Monday, aldermen asked few questions about the borrowing as the ordinance authorizing the debt sailed through the committee with virtually no debate.

“It raises questions of how much City Council members understand the financial condition of the city and what the plan going forward will be to meet the debt,” said Laurence Msall, president of the nonpartisan Civic Federation budget watchdog group…

The amount of borrowing sought by Emanuel suggests his administration continues to need huge loans to run the city

(Editor’s note: Italics added for emphasis)

I can’t begin to tell you how depressing it is watching “The Machine” steadily bring the “City of Broad Shoulders” down to its knees. But what does City Hall care? More than likely they’ll have moved on to comfortable retirements or “bigger and better things” by the time the city implodes as a result of “scooping and tossing.”

Ubi Est Mea? (Pulitzer prize-winning newspaper columnist Mike Royko’s suggested Chicago city motto of “Where’s Mine?”)

How about “Not On My Watch,” all things considered?

By Christopher E. Hill
Survival And Prosperity (survivalandprosperity.com)

Sources:

Spielman, Fran. “City to borrow $1.9 billion in first test since rating downgrade.” Chicago Sun-Times. 3 Feb. 2014. (http://www.suntimes.com/news/metro/25360629-418/city-to-borrow-19-billion-in-first-test-since-rating-downgrade.html). 4 Feb. 2014.

Dardick, Hal, Gillers, Heather, and Grotto, Jason. “Mayor seeks to borrow up to $900 million more.” Chicago Tribune. 3 Feb. 2014. (http://articles.chicagotribune.com/2014-02-03/news/ct-met-bonds-new-chicago-borrowing-20140204_1_tax-increases-city-leaders-finance-committee). 4 Feb. 2014.

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Chicago’s Finances A Mess For 2014 And Beyond

The beginning of the new year is always a popular time for predictions.

Here’s one I’ve heard being uttered with more regularity lately:

“Chicago’s the next Detroit”

You may recall that back on December 3, the City of Detroit officially became the largest municipality in U.S. history to enter Chapter 9 bankruptcy.

I’m guessing those making that comment presume the “Windy City” is going to be bankrupt too.

I just got done reading another comparison to Detroit being made again. This time it’s from TheStreet.com, the U.S. financial news and services website co-founded by Jim Cramer, host of CNBC’s Mad Money. Jonathan Yates wrote on December 30:

A recent report by the Economist Intelligence Unit rated Chicago one of the top 10 cities in the world for its ability to “attract capital, business, talent and tourists.”

Although that certainly will focus global attention on “The Second City,” Chicago’s precarious financial condition could result in it becoming even more well known — for going broke…

At least Detroit had an excuse with the collapse of the automobile industry.

The major reason for Chicago’s financial woes is mismanagement. The city’s employee costs, especially for pensions, are unsustainable…

Yates, a contributor to TheStreet.com, suggests investors avoid Chicago bonds. He pointed out later in his piece:

Chicago is a great city with great restaurants, great museums and great architecture.

But those are not reasons to buy its bonds, because Chicago’s finances are a mess, and that won’t change anytime soon…

“Chicago’s finances are a mess, and that won’t change anytime soon…”

Sadly, I agree with him there.

Now, Yates mentioned Chicago’s public pension crisis. Back on August 5, The New York Times highlighted just how serious a threat it is to the city’s well-being. Monica Davey and Mary Williams Walsh reported on the Times website:

Corporations are moving in, and housing prices are looking better across the region. There has been a slight uptick in population. But a crushing problem lurks beneath the signs of economic recovery in Chicago: one of the most poorly funded pension systems among the nation’s major cities. Its plight threatens to upend the finances of President Obama’s hometown, now run by his former chief of staff, Rahm Emanuel.

The pension fund for retired Chicago teachers stands at risk of collapse. The city’s four funds for other retired city workers are short by $19.5 billion. At least one of the funds is in peril of running out of money in less than a decade. And starting in 2015, the city will be required by the state to make far larger contributions to the funds, which could leave it hundreds of millions of dollars in the red — as much as it would cost to pay 4,300 police officers to patrol the streets for a year

(Editor’s note: Italics added for emphasis)

Rick Lyman of the Times added on December 4:

Under state law, the city must increase its contributions to its workers’ pension funds by $590 million in 2015, to a total annual contribution of $1.4 billion for current and future retirees. If no pension deal can be reached by November of next year, when the city will draft its next budget, the city will either have to raise taxes or cut services or some combination of both

(Editor’s note: Italics added for emphasis)

City Hall and their supporters can spin Chicago’s growing financial crisis as much as they want. But at the end of the day, they’ve got all the above problems to contend with as well as a long-term debt that’s now up to nearly $29 billion, or $10,780 for every city resident, according to the latest City of Chicago official audit.

I became aware of the extent of Chicago’s financial woes a couple of years back.

It’s a big reason why my girlfriend and I moved out of the city when we did.

I’ve been warning about this debacle for some time now on this blog. I can only hope my Chicago-based readers have taken note of it and are at least thinking about how they might minimize their exposure to the coming mess.

By Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Sources:

Yates, Jonathan. “Avoid Chicago’s Bonds; It Could Be the Next Detroit.” TheStreet.com. 30 Dec. 2013. (http://www.thestreet.com/story/12188473/1/avoid-chicagos-bonds-it-could-be-the-next-detroit.html). 3 Jan. 2014.

Davey, Monica and Walsh, Mary Williams. “Chicago Sees Pension Crisis Drawing Near.” The New York Times. 5 Aug. 2013. (http://www.nytimes.com/2013/08/06/us/chicago-sees-pension-crisis-drawing-near.html?pagewanted=1&_r=0&src=me). 3 Jan. 2014.

Lyman, Rick. “Chicago Pursues Deal to Change Pension Funding.” The New York Times. 4 Dec. 2013. (http://www.nytimes.com/2013/12/05/us/chicago-pursues-deal-to-change-pension-funding.html?_r=0). 3 Jan 2014.

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Chicago ‘National Poster Child For Financial Distress’?

Whew. After spending a good deal of the day Saturday at a birthday party for one of my girlfriend’s sisters, I was pretty sore the next morning when I hobbled down my driveway to retrieve the Sunday paper. After a little breakfast, I busted out the “Business” section of the Chicago Tribune and read the following in the weekly finance/investing column by Gail MarksJarvis. She wrote:

Chicago is receiving the type of notoriety no city would want. And its reputation is undermining investments individuals have made in the city’s municipal bonds.

Chicago has become a national poster child for financial distress in the aftermath of the Detroit bankruptcy, as bond analysts have been warning investors about cities and states that could be financially risky in the future.

(Editor’s note: Italics added for emphasis)

Whoa! My reaction was similar to comedian Jeff Foxworthy’s when an audience member approached him and asked if he would be interested in hearing a story about a beaver biting off a man’s nipple:

“Okay, you’ve got my undivided attention.”

Now, it’s not like MarksJarvis is one of those financial “journalists” who see America- especially Obama’s America- through rose-colored glasses and dare not scratch the surface of an economic portrait constructed by a government which has a history of tinkering with the reporting that not surprisingly ends up looking more positive. Unlike these Pollyannas- I have no beef with MarksJarvis and read her column when I get the time (along with Tribune real estate reporter Mary Umberger).

MarksJarvis continued:

“Between Chicago’s appalling murder rate, blubbery unfunded pensions and ratings downgrades, don’t touch this credit with a 10 foot pole,” Marilyn Cohen, chief executive of Envision Capital, wrote in a report to clients this week.

The Los Angeles-based bond manager warned individuals not to be lured by the extra yield they can earn by taking chances on risky cities and states.

“Illinois, Chicago and Puerto Rico are on the bottom of the barrel,” she said. “The Chicago murder rate is a symptom of the city unable to grapple with its problems or its pension debacle. The unions have a stranglehold on the city and state and no one has been willing to raise revenue or do what needs to be done.”

Cohen is just one of many analysts waiving red flags over Chicago municipal bonds since Detroit filed for bankruptcy and made investors aware that large U.S. cities may become so troubled that individuals can lose money in general obligation bonds they assumed were rock solid.

(Editor’s note: Italics added for emphasis)

Funny. From what I’ve heard/read, Cohen might want to look at tossing her home state of California into that barrel as well.

Regardless, a no-holds-barred assessment of Chicago and Illinois as it relates to their bonds.

“Don’t touch this credit with a 10 foot pole.”

Ouch!

Oh well. It’s money we’re talking about here.

“No time for love, Dr. Jones.”

Now, after Detroit filed for bankruptcy last month, a number of people rushed to Chicago’s defense against claims the “Windy City” might be/is on the path of becoming the next “Motor City.” From my Sunday paper:

Bond analysts note that if the city can’t control crime and residents move out, Chicago eventually could face the urban flight issue that left Detroit with the need to spend more on safety while the number of homeowners paying taxes was in decline.

“Chicago eventually could face the urban flight issue.”

It’s an issue already on the table. Not only has it happened before (I once worked with a suburban firefighter whose family made the difficult choice of leaving Chicago’s deteriorating West Side in the late 60s-early 70s for the northwest suburban “boonies” at that time), but the argument can be made that’s it’s starting again, as I type away on my keyboard here in my new home office (in progress) in the northwest suburbs and knowing of other ex-city dwellers who’ve departed what they feel has become “Rahmabad” (as I just heard Chicago being referred to this weekend) while making their presence known on alternative media sites like Second City Cop and others.

While not a flood, there’s a trickle.

By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)

Source:

MarksJarvis, Gail. “MarksJarvis: Chicago gives investors another reason to rethink municipal bonds.” Chicago Tribune. 4 Aug. 2013. (http://articles.chicagotribune.com/2013-08-04/business/ct-biz-0804-gail-bonds–20130804_1_municipal-bonds-municipal-market-advisors-matt-fabian). 4 Aug. 2013.

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Ron Paul: ‘There’s Pretty Good Evidence Right Now There’s A Shortage Of Physical Gold’

Because I’ve been so busy with the new pad in the Chicago suburbs, I haven’t paid as much attention to the financial markets recently as I would have liked to.

Before my late May move, a number of financial/investing “experts” were pretty adamant about gold rapidly crashing and burning. I remember reading a few predictions of the precious metal plummeting below the $1,000 per ounce level.

And now that I’m picking up steam again with my research and blogging? Gold must surely have tanked by now.

On the day my girlfriend and I closed on our house, the London P.M. gold spot price was $1,382.50. Today, almost two months later, gold stands at $1,326.00.

So much for the yellow metal’s rapid demise.

Catching up on gold’s recent activity, I noticed that retired U.S. Representative Ron Paul appeared on the CNBC show Futures Now this past Tuesday. The production is hosted by CNBC reporter Jackie DeAngelis.

Readers may remember Ms. DeAngelis from her recent attempt to call out Peter Schiff over his gold price forecasts.

The three-time U.S. presidential had a few choice words to say about gold:

Gold is a real good, long-term identifier on the value of a currency and the value of our dollar. I mean, if you look at 100 years it’s very easy. $20 up to $1,800 dollars. Now it’s $1,300 and we’re printing money faster than ever. And there’s pretty good evidence right now there’s a shortage of physical gold. The physical gold margin has always been strong. And that’s going to continue. This is going to be sorted out. And after these corrections sometimes you see an explosion. Even though I’m not a technician on gold, I suspect that could happen. I think long-term you can expect governments not to change. We’re going to see more Detroits. Eventually, the government of the United States will be somewhat similar to Detroit because people will give up their confidence in us, give up confidence in the dollar, and eventually they’ll give up confidence on our military. And then you are going to see some real, real changes in this system which has been built on a fiat dollar for the last 40 years.


“Ron Paul: Why Detroit bankruptcy is good for gold”
CNBC Video

On a side note, CNBC entitled this video “Ron Paul: Why Detroit bankruptcy is good for gold”

Is it me, or did I miss where Ron Paul suggested how the Detroit bankruptcy is good for gold?

Just thought I’d ask.

By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)

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Lloyd’s Of London Releases Chilling Report On Solar Storm Risk To North American Electric Grid

One global threat I blog about from time to time is a massive disruption in the power grids from a severe solar storm. While many Americans may dismiss such an event as something out of science fiction, other parties take it seriously.

Enter Lloyd’s of London.

This morning, I read a new report from the British insurance market entitled “Solar Storm Risk to the North American Electrical Grid.” Put together with scientists from the Lexington, Massachusetts-based Atmospheric and Environmental Research (AER), the findings are quite alarming. Those living and working along the I-95 corridor between Washington D.C. and New York City, the Gulf Coast, and the Midwest (Michigan, Wisconsin) might find it particularly concerning. From the “Executive Summary”:

A Carrington-level, extreme geomagnetic storm is almost inevitable in the future. While the probability of an extreme storm occurring is relatively low at any given time, it is almost inevitable that one will occur eventually. Historical auroral records suggest a return period of 50 years for Quebec-level storms and 150 years for very extreme storms, such as the Carrington Event that occurred 154 years ago.

The risk of intense geomagnetic storms is elevated as we approach the peak of the current solar cycle. Solar activity follows an 11-year cycle, with the most intense events occurring near the cycle peak. For the current Cycle 24, the geomagnetic storm risk is projected to peak in early 2015.

As the North American electric infrastructure ages and we become more and more dependent on electricity, the risk of a catastrophic outage increases with each peak of the solar cycle. Our society is becoming increasingly dependent on electricity. Because of the potential for long-term, widespread power outage, the hazard posed by geomagnetic storms is one of the most significant.

Weighted by population, the highest risk of storm-induced power outages in the US is along the Atlantic corridor between Washington D.C. and New York City. This takes into account risk factors such as magnetic latitude, distance to the coast, ground conductivity and transmission grid properties. Other high-risk regions are the Midwest states, such as Michigan and Wisconsin, and regions along the Gulf Coast.

The total U.S. population at risk of extended power outage from a Carrington-level storm is between 20-40 million, with durations of 16 days to 1-2 years. The duration of outages will depend largely on the availability of spare replacement transformers. If new transformers need to be ordered, the lead-time is likely to be a minimum of five months. The total economic cost for such a scenario is estimated at $0.6-2.6 trillion USD (see Appendix).

Storms weaker than Carrington-level could result in a small number of damaged transformers (around 10-20), but the potential damage to densely populated regions along the Atlantic coast is significant. The total number of damaged transformers is less relevant for prolonged power outage than their concentration. The failure of a small number of transformers serving a highly populated area is enough to create a situation of prolonged outage.

Creepy stuff, huh?

The existence of early-warning satellites is often pointed out in discussions about how serious a threat solar superstorms really are. However, keep in mind the following from the Lloyd’s report:

Currently, four space satellites (SOHO- Solar and Heliospheric Observatory, ACE- Advanced Composition Explorer, and STEREO A/B- Solar Terrestrial Relations Observatory) monitor the Sun. Situated between the Sun and Earth or along Earth’s orbit, these satellites can provide warnings of incoming CMEs on a timescale of a few days to hours. These warnings allow electric grid operators to take protective measures (i.e., decrease the electric load in the grid and increase reactive power production) before the storm hits. However these satellites are all several years past their planned mission lives and only one has a replacement scheduled to launch in 2014.

(Editor’s note: Italics added for emphasis)

You can read the entire Lloyd’s of London report (.pdf) on their website here.

By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)

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AAA Predicts Falling Gas Prices, Except In Great Lakes Region

Usually around this time of year, I commute more often between my pad in Chicago and my family’s place in southeastern Wisconsin. While that won’t be happening as much in 2013 due to everything that’s going on around here, I still like to keep on top of gas prices to get an idea of how much I’ll be shelling out to enjoy the open road.

(Editor’s note: Open road my butt. This is the Chicago metropolitan area, where if bumper-to-bumper gridlock isn’t taking place, you’re dealing with drivers who are distracted, in a hurry to go nowhere, or who really just don’t care about the rules of the road. And a “good drive” is one where you don’t lose a hubcap/wheel cover from a pothole that goes all the way to China.)

Venting process complete.

Anyway, here’s some highlights from the “AAA Monthly Gas Price Report: April 2013 Trends and Summer Outlook” that’s just been released on the “NewsRoom” section of the AAA website:

• Gas prices nationally averaged $3.55 per gallon in April, which was the least expensive average for the month since 2010. Gas prices dropped about 13 cents per gallon in April (3.5 percent), which was the largest percentage decline for the month in ten years. In comparison, gas prices in 2012 averaged $3.89 for the month, while the average price in April 2011 was $3.79 per gallon.
• Gas prices should drop to $3.20 to $3.40 per gallon by mid-summer if current trends continue in regards to oil prices, motorist demand and refinery production. Gas prices in recent years have declined in early summer after reaching a springtime peak as refineries ramp up gasoline production in anticipation of the summer driving season.
• The cheapest gas prices are predominately in the Southeast where extensive refinery production and lower-than-average taxes have helped keep prices low in comparison to the rest of the country. Gas prices in the Great Lakes region have increased in recent weeks because of planned refinery maintenance and unscheduled outages following recent heavy storms.
• The five states with the highest averages today include: Hawaii ($4.34), Alaska ($3.97), Ill. ($3.91), Calif. ($3.90) and Mich. ($3.79). The five states with the cheapest gas price averages today include: S.C. ($3.23), Tenn. ($3.26), Ala. ($3.27), Ark. ($3.27) and Miss. ($3.28).

As for me in Chicago? Prices at the pump have not only been brutal this spring, but are expected to go higher. Samantha Bomkamp reported on the Chicago Tribune website last night:

AAA said Tuesday that motorists nationwide are paying the lowest springtime gas prices in three years, but don’t tell that to drivers in Illinois.

Despite a recent dip, drivers here are paying the highest average price in the lower 48 states. With a statewide average on Tuesday of $3.91 a gallon, Illinois drivers are paying more than every state except Alaska at $3.97 and Hawaii and $4.34.

Costs are even higher in Chicago where the average price was $4.32 per gallon Tuesday, according to AAA. Prices averaged $4.14 in the suburbs…

While AAA predicts that drivers nationally should see gas prices fall even lower, motorists in Illinois and other Great Lakes states should see even higher prices as maintenance continues on refineries that provide most of the region’s gas supplies.

It’s a good thing I fill up in Wisconsin, where the price of gas is routinely cheaper.

East bound and down, loaded up and truckin’…

By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)

Sources:

“AAA Monthly Gas Price Report: April 2013 Trends and Summer Outlook.” AAA. 29 Apr. 2013. (http://newsroom.aaa.com/2013/04/aaa-monthly-gas-price-report-april-2013-trends-and-summer-outlook/). 1 May 2013.

Bomkamp, Samantha. “Gas prices ease nationwide while Ill. marches higher.” Chicago Tribune. 30 Apr. 2013. (http://www.chicagotribune.com/business/breaking/chi-gas-prices-ease-nationwide-while-ill-marches-higher-20130430,0,3861102.story). 1 May 2013.

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Wednesday, May 1st, 2013 Energy, Transportation, Travel, Vehicles No Comments
Survival And Prosperity
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