PEORIA, Ill. (WMBD) — Gas prices continued their downward trend in Peoria following the Fourth of July, putting the average price per gallon at $5.04.
According to GasBuddy’s weekly survey of 148 stations in Peoria, the price of a gallon fell 14.7 cents over the past week. Gas prices in Peoria are 13.6 cents per gallon lower than a month ago.
The cheapest gas price in the area is priced at $4.73 while the most expensive price is $5.29 per gallon, a difference of 56 cents per gallon.
Comparatively, gas prices across the state average $5.30 per gallon, down 14 cents from last week’s price. Champaign’s average price also fell to $4.84 per gallon, and over in the Quad Cities, the average price dropped to $4.67 per gallon.
GasBuddy Petroleum Analysis Head Patrick De Haan said this is the third straight week gas prices fell to their lowest level in a month.
“The price of wholesale gasoline has plummeted, providing price relief as millions of Americans hit the road for the holiday weekend,” De Haan said in a blog post. “While we may see prices decline into this week, the drop could fade soon if oil prices reverse, especially with strong demand over the holiday.”
For the time being, De Haan said Americans are spending almost $100 million per day less on gas than when prices peaked a few weeks ago.