Peoria gas prices see small rise, average $3.51 per gallon

Local News

PEORIA, Ill. (WMBD) — Gas prices have risen slightly in Peoria, averaging $3.51 per gallon.

According to GasBuddy’s weekly survey of 148 stations in Peoria, the price of a gallon rose 0.5 cents in the past week. Gas prices in Peoria are 4.8 cents per gallon lower than a month ago.

The cheapest gas price in the area is listed at $3.15 while the most expensive price is listed at $3.75 per gallon, a difference of 60 cents per gallon.

Comparatively, gas prices across the state average $3.49 per gallon, down 3.7 cents from last week’s price. Champaign’s average price stayed at $3.48 per gallon, and in the Quad Cities, the average price dropped to $3.18 per gallon.

AAA Spokesperson Andrew Gross said drivers might be catching a break at the pump currently, but not for a good reason.

“A potential COVID-19 induced economic slowdown hurts everyone and could prompt OPEC to slash production if oil prices drop too low,” Gross said.

GasBuddy Petroleum Analysis Head Patrick De Haan said as oil prices remained at a significant discount, the decline in average gas prices continued to gain momentum last week.

“[The decline] is largely due to continued anxiety over the omicron variant and because some countries have begun issuing lockdowns, keeping motorists in some countries from consuming as much fuel,” De Haan said in a blog post.

“While the Great Lakes region, the fastest to see prices respond to market fluctuations, is seeing hefty monthly declines approaching 30 cents per gallon, much of the rest of the country is lagging behind. But, we will see precipitous declines in the next week or two as stations continue to sell through higher priced inventory before slowly lowering their prices. It’s not impossible given the conditions that price wars, where stations lower their price significantly, could emerge as stations now have considerable room to lower prices,” De Haan continued.

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