PEORIA, Ill. (WMBD) — While drivers are seeing prices lower than last Christmas, experts are still unsure whether Peorians will see prices fall under $3.00 per gallon by the new year.
According to GasBuddy’s weekly survey of 148 stations in Peoria, gas prices dropped 13 cents this week to average $3.24 per gallon Monday, 59.2 cents per gallon lower than one month ago, and 14.6 cents per gallon lower than this day in 2021.
The cheapest gas price in the Peoria area on Sunday was listed at $2.83 per gallon, while the most expensive price was 76 cents higher at $3.59 per gallon.
Comparatively, the Quad Cities’ average price per gallon in $2.90, up from last week’s $2.85. The average price in the Champaign area is $3.04 per gallon, down from last week’s average of $3.16.
Across the state, the lowest price on Sunday was listed at $2.59 per gallon. The most expensive listed price was $4.99, a difference of $2.40 per gallon. The statewide average is $3.14 per gallon, 11.7 cents cheaper than last week’s average of $3.25.
The national average price per gallon has fallen 4.9 cents this week to average $3.05 Monday.
While the national average declined for the seventh straight week, with oil prices rallying, experts are not certain if we will manage another week of gasoline price declines.
“We’re still waiting for the national average to fall below $3 per gallon, something that is suddenly a bit less likely given the extreme cold weather, interrupting refining operations in the south, curbing gasoline production and potentially driving prices up slightly,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While some of the nation’s lowest priced gas stations will probably be forced to raise prices slightly, there remains a chance, albeit smaller one, that we could still see the national average fall below $3 per gallon.”
The price of diesel also declined this week, averaging $4.68 per gallon nationally.