PEORIA, Ill. (WMBD) — Gas prices rose slightly in Peoria in the past week, putting the average price of gas at $3.43 per gallon.
According to GasBuddy’s weekly survey of 148 stations in Peoria, the price of a gallon increased 9.9 cents over the past week. Gas prices in Peoria are 19.9 cents per gallon higher than a month ago.
The cheapest gas price in the area is listed at $3.13 while the most expensive price is listed at $3.59 per gallon, a difference of 46 cents per gallon.
Comparatively, gas prices across the state average $3.44 per gallon, up 10.8 cents from last week’s price. Champaign’s average price also rose to $3.36 per gallon, and in the Quad Cities, the average price increased to $3.20 per gallon.
GasBuddy Petroleum Analysis Head Patrick De Haan said the Organization of the Petroleum Exporting Countries (OPEC) chose not to increase oil production, which is why gas prices are so high right now.
“Last week saw oil prices advance to their highest in seven years, with a barrel of West Texas Intermediate crude oil surpassing the critical $80 per barrel level. The nation’s gas prices were also pushed to their highest since 2014, all on OPEC’s decision not to raise production more than it already agreed to in July,” De Haan said in a blog post.
“The OPEC decision caused an immediate reaction in oil prices, and amidst what is turning into a global energy crunch, motorists are now spending over $400 million more on gasoline every single day than they were just a year ago. The problems continue to relate to a surge in demand as the global economy recovers, combined with deep cuts to production from early in the pandemic. If Americans can’t slow their appetite for fuels, we’ve got no place for prices to go but up.”