PEORIA, Ill. (WMBD) — Gas prices in Peoria dipped again last week, putting the average price per gallon at $3.21.
According to GasBuddy’s weekly survey of 148 stations in Peoria, the price of a gallon fell 3.7 cents over the past week. Gas prices in Peoria are 9.7 cents per gallon lower than a month ago.
The cheapest gas price in the area is listed at $2.97 while the most expensive price is listed at $3.49 per gallon, a difference of 52 cents per gallon.
Comparatively, gas prices across the state average $3.23 per gallon, down 5.2 cents from last week’s price. Champaign’s average price also dropped to $3.05 per gallon, and in the Quad Cities, the average price fell to $3.09 per gallon.
GasBuddy Petroleum Analysis Head Patrick De Haan said key factors contributing to the falling gas prices are sagging U.S. gasoline demand and continued recovery after Hurricane Ida. However, he said prices could stagnate as another storm approaches the southern oil refineries.
“With Tropical Storm Nicholas threatening another key area of refineries in Houston with significant rain, we could see the decline in prices hit the pause button,” De Haan said in a blog post.
“While Nicholas would appear to be a minor storm, we could see a deluge of water — the same issue that caused some significant damage in Ida’s wake to refineries in Louisiana. Combined with the earlier storm, Nicholas could make things more challenging,” De Haan said.
While the storm could have a strong effect on gas production, De Haan said falling gas demand could help lessen the severity of those impacts, but it remains unclear at this time.
“As gasoline demand has now fallen for four straight weeks, there is more breathing room even if some capacity does temporarily go offline. It’s too early to tell, clearly, but motorists should be aware.”