Average gas price falls just below $3 in Peoria

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PEORIA, Ill. (WMBD) — For two weeks straight, gas prices fell slightly in Peoria, giving drivers a bit of relief at the pump.

According to GasBuddy’s weekly survey of 148 stations in Peoria, the price of a gallon fell 1.5 cents over the past week. The average price rose 13 cents since February.

The survey showed average gas prices in Peoria sitting at $2.99 per gallon. The cheapest gas price in the area is priced at $2.79 while the most expensive price is $3.19 per gallon, a difference of 40 cents per gallon.

Comparatively, gas prices across the state average $2.98 per gallon, down 4.3 cents from last week’s price. Champaign’s average price fell to $3 per gallon, and over in the Quad Cities, the average price dropped to $2.79 per gallon.

GasBuddy Petroleum Analysis Head Patrick De Haan said most areas of the country are seeing prices fall. For the time being, he said the drop in price can be attributed to moderated oil prices, but he said that may change after the MV Ever Given being stuck in the Suez Canal could result in “some volatility” of that price.

“As the Suez Canal has remained block for nearly a week, we could see some volatility in the price of oil this week as the market digests any updates as hundreds of ships remain in limbo. Back stateside, refiners have made the switch to summer gasoline and price impacts have been limited thus far, but demand for gasoline remains strong. Last week saw total gasoline demand at yet another pandemic high according to GasBuddy data,” De Haan said in a blog post.

AAA spokesperson Jeanette McGee said growing stock levels and cheaper crude oil prices are putting downward pressure on gas prices for most drivers.

“These are positive signs that less expensive gas prices could be around the corner, but not enough to indicate a steady trend just yet,” McGee said.

With the change of weather pushing more drivers to hit the road, De Haan said prices could soar as a result.

“As we approach warmer weather and motorists are increasingly getting outside, it could drive prices higher, so long as COVID-19 cases don’t jump along with it and lead to new travel restrictions.” De Haan said.

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