PEORIA, Ill. – The average price for a gallon of gas in Peoria has dropped 3.5 cents in the last week to an average of $4.90 on Monday, according to a GasBuddy survey of 148 stations. AAA Illinois’ price was a penny higher at $4.91 for the Peoria/Pekin metro area.
Despite the slight drop, prices remain significantly elevated. GasBuddy data shows Peoria prices are 72.5 cents higher than a month ago and $1.61 higher than a year ago. The lowest price in Peoria on Sunday was $4.55, while the most expensive gas was $5.19.
The state average price of gas in Illinois is $5.05, while the national average price of unleaded gas has fallen 1 cent in the last week, averaging $4.47 a gallon on Monday.
Patrick De Haan, head of petroleum analysis at GasBuddy, noted that the initial national drop was due to oil prices softening on hopes of diplomatic progress between the U.S. and Iran. However, that optimism has faded, and renewed warnings toward Tehran have helped push oil prices higher again.
De Haan warns that prices are likely to remain volatile and that any sustained increase in oil prices could begin pushing retail fuel prices higher again as Memorial Day approaches.
