PEORIA, Ill. – Average gas prices in Peoria have fallen 2.5 cents a gallon in the last week, averaging $3.23 on Monday, according to GasBuddy’s survey of 148 stations in Peoria.
Prices in Peoria are just over five cents lower than a month ago, and nearly 34 cents lower than this time last year.
GasBuddy price reports show the cheapest gas in Peoria was $3.05 a gallon on Sunday, while the most expensive gas was $3.39. The lowest price in the state was $2.74, and the highest priced gas in Illinois was $4.49 on Sunday.
The national average price of unleaded gas has fallen just over a penny in the last week, averaging $3.02 on Monday.
“As concerns over tariffs and policy uncertainties grow, gas prices have continued to decline across much of the country, raising the possibility that the national average could slip below $3 per gallon and approach some of the lowest prices seen in years,” says Patrick De Haan, head of petroleum analysis at GasBuddy.
“However, this decline shouldn’t necessarily be celebrated, as it comes with strong warning signs. When the economy slows, gasoline demand drops— along with demand for other refined products like diesel and jet fuel. We’ve already seen some signals that the months ahead could be challenging. All of this suggests that gas prices are likely to remain low for now. However, if economic conditions improve, gas prices could eventually follow suit and start rising again,” De Haan says.
Meanwhile, AAA Illinois says the average price of unleaded gas in the Peoria/Pekin metro area was $3.23 a gallon on Monday, the state average was $3.24, and the national average price of gas was $3.07.
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