PEORIA, Ill. (WMBD) — Gas prices in Peoria are back on the rise, averaging $4.49 per gallon Monday.
According to GasBuddy’s weekly survey of 148 stations in Peoria, gas prices in Peoria are 6.2 cents per gallon lower than a month ago.
The cheapest gas price in the area is listed at $4.14 while the most expensive price is listed at $4.65 per gallon, a difference of 51 cents per gallon.
Comparatively, gas prices across the state average $4.60 per gallon, up 19.4 cents from last week’s price. Champaign’s average price rose to $4.39 per gallon, and in the Quad Cities, the average price stayed at $4.13 per gallon.
AAA Spokesperson Molly Hart said the national average for a gallon of gasoline rose 20 cents to $4.32 in the last two weeks, which is just a penny less than the record high set on March 11. She said that increase is mostly due to the high cost of crude oil, which stayed close to $100 a barrel last week and is now moving toward $110.
“With the cost of oil accounting for more than half of the pump price, more expensive oil means more expensive gasoline,” Hart said. “These prices are creeping closer to those record-high levels of early March.”
GasBuddy Petroleum Analysis Head Patrick De Haan said both gas and diesel prices surged in the last week. That surge followed the European Union signaling its desire to sanction Russian oil.
With the U.S. approaching the start of the summer driving season, De Haan also noted U.S. petroleum inventories saw another weekly decline, meaning drivers could feel that at the pump.
“Not only are diesel prices at a record high, they are at their largest differential to gasoline on record, surpassing the 98-cent difference in 2008 and currently standing at a $1.20 per gallon premium,” De Haan said in a blog post. “While motorists filling with gasoline have seen a slight rise in prices, diesel’s surge will be a double whammy as diesel prices will soon be passed along to retail channels, further pushing up the cost of goods.”