PEORIA, Ill. (WMBD) — The average price of gas in Peoria has dropped approximately three cents this week.
According to a GasBuddy survey of 148 gas stations in Peoria, the average price of gas is $3.52, which is eight cents a gallon cheaper than a month ago, and 32 cents a gallon cheaper than this time last year.
The current cheapest price available in Peoria is $3.31 a gallon, while the most expensive price is $3.79 a gallon. The current average price across Illinois is $3.51 a gallon, while the national average is $3.33 a gallon.
“The national average has resumed its decline after a pause last week as oil and wholesale gasoline prices fell on worrisome inflation figures showing the Fed likely to ramp up rates to slow inflation,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Some nine out of 10 states saw declines over the last week, so the drops are showing up for most across the country, with the exception of the West Coast as the transition to summer blends continues, and in the Great Lakes, where prices cycled last week but have now resumed declining. For the weeks ahead, tradition tells us to expect prices to move up eventually, but that could be at least be partially offset by inflationary data that continues to be hotter than expected, leading to anxiety that the Fed will boost interest rates and cooling the economy and oil demand considerably.”
More information is available on GasBuddy’s website.