PEORIA, Ill. (WMBD) — There’s good news for motorists in the River City as gas prices have dropped from last week, according to a national website.
GasBuddy reported that prices have dropped an average of 4 cents in Peoria, based upon their weekly survey of 148 stations in the Peoria area. Prices are still 20.5 cents higher than a month ago but 51.8 cents lower than a year ago, according to the website.
According to GasBuddy price reports, the cheapest station in Peoria was priced at $3.68 a gallon on Sunday while the most expensive was $4.09 a gallon. Statewide, the lowest price Sunday was $3.44 a gallon while the highest was $5.19.
The national average price of gasoline has fallen 0.8 cents per gallon in the last week, averaging $3.64 on Monday. The national average is up 22.8 cents per gallon from a month ago and stands 46.4 cents per gallon lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.
“For the first time in several weeks, the national average price of gasoline has seen a decline, and while the fall was quite small, the bigger news may be that we may have seen a short-term peak for the price of gasoline. While any unexpected outages could push it up again, there is a rising possibility that barring such, we may have seen our high water mark for the national average for the summer,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Typically, gas prices peak between May and June, and with the oil market showing significant cracks in strength, we may have seen the peak in the national average already occur, a few weeks earlier than average.
“While it’s possible we could go higher later this summer should a major hurricane target sensitive infrastructure, it appears the odds that the national average will miss the $4 per gallon mark are rising. It’s certainly looking optimistic for motorists,” he said.
