Seasonal factors lead to gas prices falling in Peoria

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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) — The weekly GasBuddy survey reported gas prices fell just 1.8 cents in the past week in Peoria Monday, and consumers won’t need to be in a rush to fill their tank.

The survey showed average gas prices currently at $2.35 per gallon, while the cheapest gas price sits at $2.19 per gallon and the most expensive gas price staying around $2.49 per gallon, a difference of 30 cents.

GasBuddy petroleum analysis head Patrick De Haan said seasonal factors are pushing gas prices down in most areas across the country with oil prices that have hit a rough patch with renewed concerns about the economy and falling demand.

“No one should be in a rush to fill up as prices will likely continue to trend lower, especially as the summer gasoline requirement ends on Tuesday, ushering in cheaper to produce winter gasoline and a return to less fragmentation in supply since winter gasoline is common nearly coast-to-coast, making it less of a headache to produce fuel since it can be used universally.” De Haan said.

Comparatively, gas prices across the state average around $2.23 per gallon, down 1.6 cents from last week’s average. Champaign’s average price is $2.16 per gallon. Over in the Quad Cities, the average price rose to $2.08 per gallon.

The national average gas price fell from last week, averaging $2.17 per gallon.

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