JANESVILLE — Drivers in Janesville are facing a sharp reality check at the pump this week as gasoline prices have spiked to their highest levels in years.
Prices in Janesville have topped out at $4.49 per gallon after sitting at $3.89 just a week earlier.
Industry analysts point to a “perfect storm” of regional and global factors currently squeezing supply including maintenance and operational disruptions at key refineries in Indiana and Illinois
Add to that, the annual shift to more expensive summer-blend gasoline is compounding the current price shock.
Thi.s all comes as ongoing instability in the Middle East choking off traffic through the Strait of Hormuz that has placed significant upward pressure on global crude oil prices.