Peoria gas prices still surging, GasBuddy experts explain why

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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 continue to rise after last week’s spike, and according to GasBuddy’s weekly survey, Peoria gas prices rose 6.5 cents per gallon in the past week, which is 15.9 cents per gallon higher than a month ago.

The survey showed average gas prices in Peoria currently at $2.51 per gallon.

GasBuddy Petroleum Analysis Head Patrick De Haan said gas prices jumped to yet another multi-month high as crude oil prices continue to rise. He said the perceived improvement in the COVID-19 pandemic continues to pump prices up as demand shows renewed signs of economic recovery.

“With rumors swirling that President-elect Biden plans to cancel approval of the Keystone XL pipeline, which would cut off reliable Canadian oil to the U.S., oil prices may see additional pressure in the coming days,” De Haan said. “For now, the upward trend in gas prices may slow from the sharp rise in the last week, but motorists shouldn’t expect much of a break from rising gas prices, which now stand less than twenty cents from their year-ago levels.”

Comparatively, gas prices across the state average $2.46 per gallon. Champaign’s average price is $2.43 per gallon. Over in the Quad Cities, the average price rose to $2.28 per gallon.

The national average gas price also rose, averaging $2.38 per gallon.

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