PEORIA, Ill. (WMBD) — Across the country, gas prices have jumped higher and higher over the past few weeks, but it looks like that trend is starting to lose steam.
According to GasBuddy’s weekly survey of 148 stations in Peoria, the price of a gallon fell just 0.4 cents over the past week. Gas prices in Peoria are 18.5 cents per gallon higher than a month ago.
The cheapest gas price in the area is listed at $3.27 while the most expensive price is listed at $3.75 per gallon, a difference of 56 cents per gallon.
Comparatively, gas prices across the state average $3.49 per gallon, down 1.4 cents from last week’s price. Champaign’s average price rose to $3.47 per gallon, and in the Quad Cities, the average price dropped to $3.21 per gallon.
AAA Spokesperson Andrew Gross said one thing contributing to increased market volatility and slowing pump price increases is an Organization of the Petroleum Exporting Countries (OPEC) meeting scheduled for Nov. 4.
Another thing Gross cited was the news that Iranian oil may return to the world market. Iranian oil has not been sold globally in large quantities since 2018.
“We have finally seen a little dip in domestic demand for gasoline, which may signal that the seasonal post-Labor Day easing was a little delayed this year,” Gross said in a blog post.
GasBuddy Petroleum Analysis Head Patrick De Haan said as oil prices have stabilized, the jump in gas prices is finally running out of steam for the time being.
“For most motorists, gas prices are likely to greatly slow their recent ascent, and we could even see some small declines in the week ahead,” De Haan said in a blog post.
He said while any boost in oil output “doesn’t seem likely,” the OPEC meeting next week could easily drive the market up or down. However, drivers should not expect any massive dips in gas prices anytime soon.
“The odds remain high that gas prices will remain near today’s elevated levels going into the holidays, barring additional OPEC supply,” De Haan said.