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Gas prices continue to drop; expected to drop until Mid-February

GAS-1

PEORIA, Ill. (WEEK) -- Gas prices continue to drop across Central Illinois.

Gasbuddy.com reports prices fell 2.9 cents per gallon last week to an average of $2.58/gallon. That is 3.5 cents per gallon lower than a month ago, but 52.8 cents per gallon higher than a year ago.

Nationally, prices fell 1.8 cents per gallon in the last week, averaging 2.57/gallon. That is up 0.6 cents per gallon from a month ago, and 33.2 cents per gallon higher than a year ago.

"With Iran and the United States de-escalating rising tensions last week, oil prices plummeted back under $60 per barrel, a welcome sign for motorists who had believed gas prices were about to shoot up. For now, the reduced tensions may lead gas prices to again begin falling in most states over the next few weeks before seasonal factors then again push prices back up," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "We have a closing window of opportunity that will last about four more weeks in which we could see falling prices as demand for gasoline weakens, but by mid-February, that trend may wrap up. I don't expect to see prices fall more than 10-20 cents by then, but some clearance sales may happen in early February as refiners begin seeing challenges getting rid of the gasoline they're forced to produce. Bottom line: enjoy the falling prices while they last and cross your fingers that tensions continue to cool between the U.S. and Iran."

John Kendall

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