Average gas price declines continue locally, nationally


PEORIA (Heart of Illinois ABC) – Average gas prices in Peoria are down 17.7 cents per gallon in the last week – averaging $4.89 per gallon, according to GasBuddy’s 148 station survey.

Prices in Peoria are 38.8 cents per gallon lower than a month ago and stand $1.64 per gallon higher than a year ago. The national average price of diesel has declined 8.5 cents in the last week and stands at $5.65 per gallon.

According to GasBuddy price reports, the cheapest station in Peoria was priced at $4.55 per gallon yesterday while the most expensive was $5.29 per gallon, a difference of 74.0 cents per gallon. The lowest price in the state yesterday was $4.09 per gallon while the highest was $6.79 per gallon, a difference of $2.70 per gallon.

The national average price of gasoline has fallen 12.8 cents per gallon in the last week, averaging $4.66 per gallon today.

“The national average has declined for 27 days straight, or four weeks, the longest decline in average gas prices since the pandemic started in 2020. Average gas prices are down nearly 40 cents, with Americans shelling out $140 million less on gasoline every day than they did a month ago,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “We may see the trend last a fifth week, as long as oil prices remain cooperative and don’t surge beyond $105 per barrel, and as long as refinery production of gasoline remains strong.”

“But we’re not completely out of the woods yet – we could also see a sharp reversal in the decline. There remains risk of a spike in prices that could send us to new record levels in August, should any disruptions occur. It could be a wild ride, but for now, the plummet at the pump shall continue.”

Copyright 2022 Heart of Illinois ABC. All rights reserved.



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