Gas prices in Peoria continue to drop, average $3.43 per gallon

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FILE – In this Monday, Sept. 16, 2019, file photo, a woman pumps gas at a convenience store in Pittsburgh. Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday, March 15, 2020, that gas prices could continue to fall as demand shrinks amid the coronavirus pandemic. (AP Photo/Gene J. Puskar)

PEORIA, Ill. (WMBD) — As the nation’s average gas price fell for the sixth consecutive week, gas prices in Peoria also fell.

According to GasBuddy’s weekly survey of 148 stations in Peoria, the price of a gallon dropped 4.6 cents in the past week. Gas prices in Peoria are 11.9 cents per gallon lower than a month ago.

The cheapest gas price in the area is listed at $3.19 while the most expensive price is listed at $3.65 per gallon, a difference of 46 cents per gallon.

Comparatively, gas prices across the state average $3.39 per gallon, down 5.2 cents from last week’s price. Champaign’s average price fell to $3.31 per gallon, and in the Quad Cities, the average price dropped to $3.11 per gallon.

GasBuddy Petroleum Analysis Head Patrick De Haan said the decline of gas prices is largely due to oil demand and prices stalling as a result of a surge in Omicron cases.

He said until new COVID-19 cases slow down, it’s likely the decline in gas prices will continue.

“With gas prices very likely to continue declining this week in most states, we may see Christmas gas prices fall just under their all-time high on the holiday, which was $3.26 in 2013,” De Haan said in a blog post.

As Omicron cases continue to climb, De Haan thinks drivers will see a more noticeable hit on gas demand once the holidays are over.

“There’s a rising likelihood that we won’t see gas prices rising for the rest of the year- with one caveat- gas prices in the Great Lakes states have plummeted by 30 to 50 cents in some areas, and stations in those areas may raise prices slightly should oil prices slow their decline. Aside from those areas, declines at the pump are likely to continue as we close out 2021,” De Haan said.

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