Gas prices rise in Peoria, average $3.54 per gallon

Local News

PEORIA, Ill. (WMBD) — Gas prices are rising once again in Peoria just before Thanksgiving, averaging $3.54 per gallon.

According to GasBuddy’s weekly survey of 148 stations in Peoria, the price of a gallon rose 2.4 cents in the past week. Gas prices in Peoria are 2.7 cents per gallon higher than a month ago.

The cheapest gas price in the area is listed at $3.33 while the most expensive price is listed at $3.75 per gallon, a difference of 42 cents per gallon.

Comparatively, gas prices across the state average $3.51 per gallon, up 2.3 cents from last week’s price. Champaign’s average price rose to $3.52 per gallon, and in the Quad Cities, the average price increased to $3.29 per gallon.

GasBuddy Petroleum Analysis Head Patrick De Haan said oil prices plunged nearly $10 from the recent peak of $85 per barrel, meaning drivers could see gas prices fall across the nation, just in time for Thanksgiving.

“It’s not impossible, so long as oil prices hold near these levels or continue falling, that the national average could shed 15 to 30 cents per gallon over the coming weeks, while some areas like California could see declines of as much as 25 to 40 cents,” De Haan said in a blog post.

While he said there is reason to be optimistic that drivers have seen the peak of gas prices, the decline in the price of oil is most likely reflecting the possibility of a coordinated global release of oil from strategic reserves. De Haan noted if that does not happen, oil prices could rise again.

“However, with COVID cases on the rise again, reducing global demand, it does seem the most likely outcome will be a drop in gas prices that could last several weeks,” De Haan said.

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