While Peoria gas prices drop slightly, experts are not hopeful for future prices

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A gasoline station attendant pumps diesel into a car at a filling station on March 23, 2010 in Berlin, Germany. (Photo Illustration by Sean Gallup/Getty Images)

PEORIA, Ill. (WMBD) — Drivers in Peoria may notice a small drop in gas prices at the pump this week, but experts said rising prices are on the horizon.

Gas prices fell slightly in Peoria in the past week, putting the average price of gas at $3.40 per gallon.

According to GasBuddy’s weekly survey of 148 stations in Peoria, the price of a gallon fell 4.9 cents over the past week. Gas prices in Peoria are 6.3 cents per gallon higher than a month ago.

The cheapest gas price in the area is listed at $3.11 while the most expensive price is listed at $3.55 per gallon, a difference of 44 cents per gallon.

Comparatively, gas prices across the state average $3.41 per gallon, down 3.4 cents from last week’s price. Champaign’s average price also dropped to $3.28 per gallon, and in the Quad Cities, the average price fell to $3.16 per gallon.

“The bad news is that for now, all I see is the upward trend at the pump continuing into the weeks ahead with no sign of relief just yet.”

PATRICK DE HAAN, GASBUDDY PETROLEUM ANALYSIS HEAD

GasBuddy Petroleum Analysis Head Patrick De Haan said the national average climbed to another seven-year high as the price of oil continued to drag gas prices along for the ride, meaning drivers will be left on empty.

“With OPEC holding back oil production and strong global oil demand, the situation will no doubt pave the road with even higher gas prices in the weeks ahead,” De Haan said in a blog post.

“Until several bottlenecks ease, including supply chains and low global inventories of oil, natural gas, and coal, we’ll be stuck feeling the pinch of rising oil and gasoline prices. The bad news is that for now, all I see is the upward trend at the pump continuing into the weeks ahead with no sign of relief just yet,” De Haan said.

AAA Spokesperson Andrew Gross reiterated that point.

“Compared to the price of gas a year ago, it now costs consumers about $17 more to fill up their vehicles. That’s the cost of a large pizza with toppings. And unfortunately, it doesn’t look like drivers will be finding relief at the pump any time soon,” Gross said.

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