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Peoria will see prices rise amid long-term gas price declines since 2018

PEORIA, Ill. (WMBD) – A streak of falling prices has ended in Peoria, as the average gas price in the city rose 2.1 cents this week to an average of $3.91 per gallon on Monday.

According to GasBuddy’s weekly survey of 148 stations in Peoria, gas prices were 32.1 cents cheaper per gallon a month ago and 66.0 cents higher in 2021 than on this day.

The cheapest gas price in the Peoria area on Sunday was listed at $3.66 per gallon, while the most expensive price was up 63 cents at $4.29 per gallon.

However, the price continues to decrease across the state.

Comparatively, the average price in the Quad Cities was $3.51 per gallon, down from $3.64 last week. The average price in the Champaign area is $3.80 per gallon, down from last week’s average of $3.88.

Statewide, the lowest price on Sunday was listed at $3.36 per gallon. The most expensive listed price was $5.87, a difference of $2.51 per gallon. The statewide average is $4.10 per gallon, 4.2 cents cheaper than last week’s average of $4.14.

The median price in Peoria, as well as the median price across the state, is still higher than the national average.

The national average fell to $3.75 per gallon this week, down 7.7 cents per gallon from a week ago. Monday’s average was 29.5 cents below the average price a month ago and up just 57.6 cents per gallon from a year ago.

Prices are generally falling, despite Peoria’s slight rise. However, experts say this will not continue due to OPEC’s decision to cut oil production.

“For now, price movements are uncertain depending on where you are, California will see some small increases, but the Great Lakes could see an upward movement as BP’s refinery outage has affected supplies,” said petroleum chief Patrick de Haan. Analysis on GasBuddy. “In the Gulf and Rockies, prices may continue to fall, so next week will be a very mixed bag for motorists. Additionally, there are several disruptions to keep an eye on in the Atlantic, but we’ll be back to cheap winter gasoline in just over a week which should provide some additional relief.

The 12-week decline in prices is now the longest bearish trend seen by experts since 2018.

Diesel prices are also down, averaging 2.0 cents cheaper nationally at $5.02 per gallon.

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