PEORIA, Ill. – The average price of gas in the Peoria/Pekin metro area is holding steady at $4.02 per gallon.
Data from GasBuddy and AAA Illinois shows that Peoria’s prices are unchanged in the last week. Despite the recent stability, prices in Peoria are 109.2 cents per gallon higher than a month ago and 74.5 cents higher than this time last year.
On Sunday, GasBuddy reported the cheapest gas in Peoria was $3.88 a gallon, while the most expensive was $4.29.
State and National Prices
Across Illinois, AAA reports the state average price is $4.20. GasBuddy reports a wide range statewide with the lowest price on Sunday at $3.34 a gallon and the highest price reaching $5.49.
AAA’s national average price of unleaded gas is currently $3.99 a gallon, while GasBuddy’s data shows an average price of $3.95 a gallon, up 2.4 cents in the last week. Nationally, prices are up 97.9 cents from a month ago, and 83.8 cents higher this time last year.
Expert Outlook
Patrick De Haan, head of petroleum analysis at GasBuddy, warns that prices are climbing to multi-year highs.
“Gasoline and diesel prices continue to climb to multi-year highs as the effective closure of the Strait of Hormuz curtails the flow of millions of barrels of crude oil each day,” De Haan said. He added that the situation remains “highly volatile and unpredictable,” suggesting upward pressure on fuel prices is likely to persist as long as global oil supplies are constrained.1
De Haan predicts the national average for gas is likely to push past the $4-per-gallon mark, potentially setting new records. The rising cost of fuel is already having an economic impact, with Americans spending nearly $8 billion more on gas over the past month.
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