Peoria gas prices see small drop following Thanksgiving holiday

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FILE – In this Monday, Sept. 16, 2019, file photo, a woman pumps gas at a convenience store in Pittsburgh. Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday, March 15, 2020, that gas prices could continue to fall as demand shrinks amid the coronavirus pandemic. (AP Photo/Gene J. Puskar)

PEORIA, Ill. (WMBD) — Gas prices have fallen slightly in Peoria just after Thanksgiving, averaging $3.51 per gallon, and a gas expert said the uncertainty around the latest COVID variant is expected to push gas prices lower.

According to GasBuddy’s weekly survey of 148 stations in Peoria, the price of a gallon dropped 2.4 cents in the past week. Gas prices in Peoria are one cent per gallon lower than a month ago.

The cheapest gas price in the area is listed at $3.33 while the most expensive price is listed at $3.69 per gallon, a difference of 36 cents per gallon.

Comparatively, gas prices across the state average $3.52 per gallon, up two cents from last week’s price. Champaign’s average price fell to $3.48 per gallon, and in the Quad Cities, the average price dropped to $3.22 per gallon.

GasBuddy Petroleum Analysis Head Patrick De Haan said gas prices are declining at a steady pace thanks to several factors.

“With oil’s recent fall and the jury out on a new COVID variant, Omicron, we could be in store for lower prices based on many countries turning back to travel restrictions, limiting oil demand and potentially accelerating the drop in gas prices,” De Haan said in a blog post.

Additionally, the Organization of the Petroleum Exporting Countries (OPEC) has delayed its meetings until more market movement and information on Omicron is available, and De Haan suspects the future remains uncertain for gas prices.

“So far, Americans can expect the new variant to push gas prices even lower. Beyond the next few weeks, it remains nearly impossible to predict where oil and gas prices will head, though turbulence is guaranteed,” De Haan said.

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