PEORIA, Ill. (WMBD) — Gas prices continue to rise at rates we haven’t seen in months, as the average gas price in Peoria rose 26.9 cents this week to average $4.32 per gallon Monday.
According to GasBuddy’s weekly survey of 148 stations in Peoria, gas prices are 50.7 cents per gallon cheaper than one month ago, and 88.9 cents per gallon higher than this day in 2021.
The cheapest gas price in the Peoria area on Sunday was listed at $3.89 per gallon, while the most expensive price was 70 cents higher at $4.59 per gallon.
Comparatively, the Quad Cities’ average price per gallon in $3.81, up from last week’s $3.66. The average price in the Champaign area is $4.23 per gallon, up from last week’s average of $3.93.
Across the state, the lowest price on Sunday was listed at $3.48 per gallon. The most expensive listed price was $9.99, a difference of $6.51 per gallon. The statewide average is $4.40 per gallon, 25.9 cents higher than last week’s average of $4.14.
The national average price per gallon has risen 13.8 cents this week, averaging $3.92 Monday.
The primary factor in the national average rising for the third straight week is the OPEC+ decision to cut oil production by two million barrels a day. Oil prices have surged 20% in the past seven days, experts at Gasbuddy said Monday.
Patrick De Haan, head of petroleum analysis at GasBuddy, broke down the details of why prices are going up.
“Some of the refinery snags that have caused prices to surge in the West and Great Lakes appear to be improving, with prices in those two regions likely to inch down, even with OPEC’s decision, as the drop in wholesale prices has offset the rise due to the production cut. But where gas prices didn’t jump because of refinery issues, they will rise a total of 10-30 cents due to oil’s rise, and some areas are certainly seeing the jump already,” said De Haan. “For now, I don’t expect much improvement in prices for most of the country, with California and the Great Lakes as the exception, with downdrafts likely in the days and weeks ahead.”
The price of diesel took an upturn for the first time in weeks, averaging 18 cents higher than last week at $5.04 per gallon nationally.