PEORIA, Ill. (WMBD) — Peoria gas prices jumped up in the last week, averaging $3.45 per gallon Monday.
According to GasBuddy’s weekly survey of 148 stations in Peoria, the price of a gallon rose eight cents in the past week. Gas prices in Peoria are five cents per gallon lower than a month ago.
The cheapest gas price in the area is listed at $3.12 while the most expensive price is listed at $3.69 per gallon, a difference of 57 cents per gallon.
Comparatively, gas prices across the state average $3.43 per gallon, up 10.6 cents from last week’s price. Champaign’s average price rose to $3.39 per gallon, and in the Quad Cities, the average price rose to $3.13 per gallon.
GasBuddy Petroleum Analysis Head Patrick De Haan said oil prices have stayed “stubbornly strong,” as they rose to nearly $80 per barrel last week. He said this pushed gas prices higher even as U.S. gas demand began to struggle.
“Some of this is typical seasonal weakness, but the lack of demand is likely enhanced by omicron cases surging and Americans who are just a bit more hesitant to get out right now,” De Haan said in a blog post.
Additionally, De Haan noted there was unrest in Kazakhstan, the 18th largest oil producer, which he said is likely leading to impacts on oil production. In his view, the unrest in Libya also worries markets and overpowers the seasonal drop in gas demand.
“Without improvement or stability in oil-producing countries, we’re likely to continue to see upward pressure on oil prices,” De Haan said.