Peoria gas prices are rising, but why? GasBuddy has answers

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PEORIA, Ill. (WMBD) — Gas prices are trending upward as the weekly GasBuddy survey confirmed Peoria gas prices rose 5.7 cents per gallon in the past week, which is 19.7 cents per gallon higher than a month ago.

The survey showed average gas prices in Peoria currently at $2.45 per gallon, while the cheapest gas price sits at $2.27 per gallon and the most expensive gas price staying around $2.59 per gallon, a difference of 32 cents.

GasBuddy Petroleum Analysis Head Patrick De Haan said with oil’s meteoric rally continuing, motorists will continue to face rising gas prices.

“With a barrel of crude oil now at its highest level in nearly a year, there’s nowhere for gas prices to go but up,” De Haan said.

“In a normal year, this is the time we tend to see gas prices struggle, and according to Pay with GasBuddy data, gasoline demand is indeed seeing seasonal struggles, but that has not tempered the appetite of the market as many remain bullish over the continued rollout of a COVID-19 vaccine. How long we may be on this road relies on continued reduction in new COVID cases, but we may for the coming weeks seeing gas prices continuing their climb.”

Comparatively, gas prices across the state average $2.41 per gallon. Champaign’s average price is $2.38 per gallon. Over in the Quad Cities, the average price rose to $2.22 per gallon.

The national average gas price fell, averaging $2.31 per gallon.

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