PEORIA, Ill. – Temperatures fell in central Illinois in the past week, but the opposite is true for the price of gas in the area.
GasBuddy reports an increase of 5.8 cents in the past week for the average price of a gallon of unleaded to $3.01/g. The increase is still 15.2 cents lower than a month ago, and 45.9 cents lower than a year ago.
The cheapest price in the Peoria area was listed at $2.75/g, with the most expensive at $3.29/g.
AAA reported similar prices for the Peoria-Pekin metro area. They reported an average of $3.01/g, up 6.8 cents in the past week. Their average is 15.1 cents lower than a month ago, and 44.4 cents higher than one year ago.
Across Illinois, GasBuddy reported a 6.6 cent increase in the past week for a state average of $3.08/g. The cheapest price in the state was $2.52/g with the highest at $4.59/g.
Analysts believe oil prices are seeing increased volatility due to the situation in the Red Sea.
“While last week saw the U.S. attacking Houthi militants engaged in attacks on vessels in the Red Sea, oil prices jumped, but then promptly fell as economic concerns with weak demand sapped the upward move after the U.S. and allies attacked Houthi rebels,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Gasoline inventories also saw another large rise, putting some downward pressure on gas prices, and leaving an opportunity for the national average to potentially briefly fall below $3 per gallon. We’ll have to see if the stars finally align for such a move.”
The United States average price increased about a half-cent in the past week to an average of $3.04/g.
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