PEORIA, Ill. (WMBD) — Gas prices are still falling in Peoria, and drivers saw the average gas price in the city fall 25.6 cents this week to average $3.95 per gallon Monday.
According to GasBuddy’s weekly survey of 148 stations in Peoria, gas prices are 85.7 cents per gallon cheaper than one month ago, and only 62.4 cents per gallon higher than this day in 2021.
The cheapest gas price in the Peoria area on Sunday was listed at $3.78 per gallon, while the most expensive price was 63.7 cents higher at $4.39 per gallon.
Comparatively, the Quad Cities’ average price per gallon in $3.77, down from last week’s $3.90. The average price in the Champaign area is $3.93 per gallon, down from last week’s average of $4.11.
Across the state, the lowest price on Sunday was listed at $3.47 per gallon. The most expensive listed price was $5.89, a difference of $2.42 per gallon. The statewide average is $4.26 per gallon, 12.8 cents cheaper than last week’s average of $4.39.
The average price in Peoria as well as the average price statewide are still above the national average.
The national average this week is down to $3.92 per gallon, down 9.9 cents per gallon from one week ago. Monday’s average is 63.7 cents down from the average price one month ago, and only 74.8 cents per gallon higher than one year ago.
While Gasbuddy’s surveys of stations nationwide have shown a nine-week decrease in prices, their analysis shows that the streak might be coming to an end.
“Wholesale gasoline prices having bounced back up some 40 cents per gallon as oil prices have rebounded,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “That means the decline in average prices could wrap up soon, with some price increases possible as early as this week, especially in areas of the Great Lakes.”
“While the West Coast and some areas of the Rockies may see prices continue to drift lower, I do believe the national average could tick higher this week as the better than expected jobs report last week likely means less demand destruction than anticipated,” said De Haan.
The price of diesel is declining as well, dropping 14.8 cents nationally in the past week to stand at an average of $5.2.7 per gallon.