Gas prices dropped in Peoria; here’s what gas experts are saying

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PEORIA, Ill. (WMBD) — Gas prices in Peoria saw another decrease as the nation approaches the end of the summer driving season, putting the average price per gallon at $3.26.

According to GasBuddy’s weekly survey of 148 stations in Peoria, the price of a gallon went down 4.1 cents over the past week. Gas prices in Peoria are 5.9 cents per gallon lower than a month ago.

The cheapest gas price in the area is priced at $2.88 while the most expensive price is $3.55 per gallon, a difference of 67 cents per gallon.

Comparatively, gas prices across the state average $3.22 per gallon, down 6.6 cents from last week’s price. Champaign’s average price also fell to $3.16 per gallon, and in the Quad Cities, the average price dropped to $3.12 per gallon.

GasBuddy Petroleum Analysis Head Patrick De Haan said the drop in gas prices can be attributed to oil prices plunging, a direct result of COVID-19 cases surging across the globe. He said another factor contributing to lower gas prices is a concern for fuel demand plummeting.

“Excluding the plunge in gasoline prices as COVID unfolded in 2020, Sunday saw one of the largest single-day declines in the national average in nearly three years,” De Haan said in a blog post.

The good news does not end there, either. De Haan fully expects the national average could drop back below $3 per gallon in the next three weeks.

“The bottom line for motorists is that if they don’t absolutely need to fill up, they should avoid doing so, as fuel prices are nearly guaranteed to continue to decline in every state in the coming week,” De Haan said.

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