PEORIA, Ill. — Motorists are paying less at the pump than last month, but gas prices are up significantly from this time last year.
The newest report from GasBuddy shows the average price for a gallon of gas in Peoria is $2.58. That is down 3.5 cents from December and now nearly 3-cents from last week. Bloomington prices are hovering around $2.48 a gallon.
“With Iran and the United States de-escalating rising tensions last week, oil prices plummeted back under $60 per barrel, a welcome sign for motorists who had believed gas prices were about to shoot up. For now, the reduced tensions may lead gas prices to again begin falling in most states over the next few weeks before seasonal factors then again push prices back up,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “We have a closing window of opportunity that will last about four more weeks in which we could see falling prices as demand for gasoline weakens, but by mid-February, that trend may wrap up. I don’t expect to see prices fall more than 10-20 cents by then, but some clearance sales may happen in early February as refiners begin seeing challenges getting rid of the gasoline they’re forced to produce. Bottom line: enjoy the falling prices while they last and cross your fingers that tensions continue to cool between the U.S. and Iran.”
On this date last year, prices in Peoria were nearly 53-cents less a gallon at $2.05.