PEORIA, Ill.—Gas prices in the Peoria area have surged over the past week, driven by a spike in global oil prices following U.S. strikes on Iran and an escalation of tensions in the Middle East.
According to GasBuddy, the average price of gas in Peoria has risen 43.4 cents in the last week, with an average price of $3.38 a gallon on Monday. That’s 43.2 cents higher than a month ago and 12.8 cents higher than this time last year.
Key Price Comparison Data:
- Peoria GasBuddy Average: $3.38.
- Cheapest Gas (Sunday): $2.99.
- Most Expensive Gas (Sunday): $3.69.
Meanwhile, AAA Illinois reports the average price of gas in the Peoria/Pekin metro on Monday was $3.39 a gallon.
Peoria’s gas prices mirror a national trend. The national average price of gas has risen 51.1 cents in the last week, now averaging $3.45 a gallon, according to GasBuddy data. AAA Illinois had a slightly higher national price of $3.47, and a state average price in Illinois of $3.52.
Patrick De Haan, head of petroleum analysis at GasBuddy, said that consumers are seeing “gasoline prices surge at one of the fastest rates in years.” The oil price spike is attributed to recent U.S. strikes and the “effective closure of the Strait of Hormuz,” coupled with further attacks across the Middle East pushing oil above $100 per barrel.
De Haan warned that the situation remains “highly fluid,” and gasoline prices in many states could climb another 20 to 50 cents per gallon this week. He also projected an even sharper rise for diesel, with potential increases of 35 to 75 cents per gallon.
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