Illinois gas prices on the rise, averaging $3.07 at the pump in Peoria


PEORIA, Ill. (WMBD) — Gas prices are rising in Peoria this week, putting the average price per gallon at $3.07.

According to GasBuddy’s weekly survey of 148 stations in Peoria, the price of a gallon went up 4.7 cents over the past week. Gas prices in Peoria are 4.2 cents per gallon higher than a month ago.

The cheapest gas price in the area is priced at $2.95 while the most expensive price is $3.24 per gallon, a difference of 29 cents per gallon.

Comparatively, gas prices across the state average $3.10 per gallon, up 7.8 cents from last week’s price. Champaign’s average price rose to $3.06 per gallon as well, and over in the Quad Cities, the average price rose to $2.84 per gallon.

GasBuddy Petroleum Analysis Head Patrick De Haan said national gas prices rose again in response to oil prices soaring to multi-year highs. Those highs come after COVID-19 improvements overseas and the switch to summer gasoline, which De Haan said is essentially complete.

“The nation’s gas prices perked up again last week as oil prices advanced to fresh multi-year highs on COVID improvements overseas and the switch to summer gasoline, which is basically now complete,” De Haan said.

“Last week saw the national average hit its highest level in two years, and with continued recovery in gasoline demand, the increase in price is likely to continue into the future. Americans may now want to brace themselves for the possibility of a $3/gal national average in the weeks ahead, as demand remains strong as Americans take to the roads. The question going forward is how much demand will continue to recover and rise — will it lead to record summer gasoline demand? We indeed may see some weeks with new records as Americans get in their cars this summer- but the question is how many will do so? That will determine how much higher prices will go,” De Haan said in a blog post.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


Latest News

More News