PEORIA, Ill. (WMBD) — Drivers in Peoria may see a small bit of relief at the gas pump this week as the average gas price in the city fell 5.1 cents, averaging $5.26 per gallon.
According to GasBuddy’s weekly survey of 148 stations in Peoria, gas prices in Peoria are 39 cents per gallon higher than a month ago.
The cheapest gas price in the area is listed at $4.99 while the most expensive price is listed at $5.39 per gallon, a difference of 40 cents per gallon.
Comparatively, gas prices across the state average $5.57 per gallon, down 5.3 cents from last week’s price. Champaign’s average price fell to $5.10 per gallon, and in the Quad Cities, the average price dropped to $4.87 per gallon.
GasBuddy Petroleum Analysis Head Patrick De Haan confirmed the nation’s average gas price has declined for the first time in nine weeks. He said the news followed a broad sell-off in oil markets last week, pushing the national average back under the $5 level, with most states seeing relief at the pump.
“I’m hopeful the trend may continue this week, especially as concerns appear to be mounting that we may be on the cusp of an economic slowdown, putting downward pressure on oil,” De Haan said in a blog post.
So long as there are no unexpected shutdowns, De Haan said the national average could fall another 15 to 20 cents by the 4th of July.