PEORIA, Ill. – Gas prices in Peoria were almost unchanged in the last week, up 0.4 cents, averaging $3.33 a gallon on Monday, according to GasBuddy’s survey of 148 gas stations in Peoria.
Peoria prices are 5.9 cents lower than a month ago, and 43.4 cents a gallon lower than this time last year.
According to GasBuddy price reports, the cheapest gas in Peoria on Sunday was $3.19 a gallon, while the most expensive gas was $3.49. The lowest price in the state was $2.61, and the highest price was $4.49.
GasBuddy says the national average price of gas was up 2.0 cents a gallon in the last week, averaging $3.12 on Monday. That’s down 12.0 cents a gallon from a month ago, and 49.6 cents lower than a year ago.
“Last week was another mixed bag at the pump for many Americans, but there may be some promising short-term news from OPEC+, which has agreed to increase oil production starting in June,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“Here in the U.S., slightly more than half of the states saw gas prices rise, while many others saw modest declines. We continued to see price cycling in states prone to such movements, including much of the Great Lakes region, as well as in Maryland, Florida, and parts of Texas. However, the most notable development is OPEC+’s decision to raise production next month, as oil prices hover near their lowest levels since the pandemic. While gasoline inventories have been tightening due to ongoing refinery maintenance— which has limited how much gas prices have fallen in response to lower oil— refinery output is expected to rise soon. As maintenance wraps up, we could see an increase in gasoline supply and a national average that may soon dip below $3 per gallon.”
Meanwhile, AAA Illinois says the average price of gas in the Peoria/Pekin metro area was $3.34 a gallon on Monday, the state average was $3.37 and the national average price of unleaded gas was $3.16 a gallon.
