PEORIA, Ill. (WMBD) — Gas prices have risen about five cents in Peoria since last week.
According to a GasBuddy survey of 148 gas stations in Peoria, the current average gas price in Peoria is $3.62 a gallon Monday.
This price is about six cents more than a month ago, and 90.7 cents lower than last year. The lowest price in Peoria was $3.35 a gallon, and the most expensive was $3.79 a gallon.
The average gas price in Illinois was $3.61 a gallon, while the average price across the country was $3.40 a gallon.
“The broad concern over recent failures of the U.S. and global banking system has put enough downward pressure on oil prices that we saw a reprieve in rising gasoline prices in the national average last week. But, it may be temporary in nature, and is unlikely to be a long lasting trend,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While California and areas of the West Coast saw some moderation in price, supply challenges amidst the transition to summer gasoline have led to sharp price increases in Arizona, and other markets saw varying impacts at the gas pump over the last week. Should the outlook for the banking sector improve, we could again see gasoline prices race higher, while continued or additional distress could raise the possibility of a broader economic slowdown, keeping gasoline prices in check. Overall, there are a lot of possibilities.”
More information is available on GasBuddy’s website.