Peoria gas prices drop slightly, average $3.48 per gallon

Local News

PEORIA, Ill. (WMBD) — As the nation’s average gas price fell for the fifth consecutive week, gas prices in Peoria look like they are also falling.

According to GasBuddy’s weekly survey of 148 stations in Peoria, the price of a gallon dropped 2.7 cents in the past week. Gas prices in Peoria are 4.6 cents per gallon lower than a month ago.

The cheapest gas price in the area is listed at $3.25 while the most expensive price is listed at $3.75 per gallon, a difference of 50 cents per gallon.

Comparatively, gas prices across the state average $3.43 per gallon, down 6.2 cents from last week’s price. Champaign’s average price fell to $3.43 per gallon, and in the Quad Cities, the average price dropped to $3.17 per gallon.

GasBuddy Petroleum Analysis Head Patrick De Haan said the decline has hit nearly every city coast to coast. He said it is a trend that will likely continue into next week.

De Haan said the Omicron variant is playing a major role in the gas price decline.

“Omicron concerns continue to be the primary catalyst for the drop in gas prices across much of the country. While we’ve seen some anecdotal reports about the new variant, vaccine producers have yet to definitively state if current vaccines will still bring adequate protection against omicron — something that might be critical to limit severity and to avoid new shutdowns,” De Haan said in a blog post.

Additionally, he noted global oil production continues to slowly rise as OPEC+ members plan to increase production in January.

Last week, U.S. gas demand fell to its lowest level since October, which could limit the recent rebound in oil and keep gas prices low through the end of the year, De Haan said.

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