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Report: Average gas prices in Peoria area jump 4 cents per gallon in last week

gas prices 4

(WEEK) -- Prices at the pump in the Peoria area are up 4.3 cents per gallon in the last week, averaging $3.24.

That's according to GasBuddy's latest report on Tuesday.

The most expensive gas throughout the area was surveyed at $3.39 per gallon, while the cheapest was found at $3.14.

The rise is above the national average, which is seeing a .6 cent-per-gallon increase to put that average at $3.04.

The Quad Cities area's average is being surveyed at $3 per gallon, while the Champaign area is seeing its average sit at $3.21.

The state average is being reported at $3.21.

"With the summer driving season now officially begun, gas prices have clung to a $3 per gallon average on continued strong demand as Americans take to the roads amidst a continued economic recovery. Through Sunday, U.S. gasoline demand was very strong over the weekend, with Friday and Sunday both setting new Covid records for gasoline consumption for their respective day of week, according to GasBuddy data. While gasoline demand continues to recover, oil production has only slowly started gaining momentum after a very challenging 2020 forced oil companies to take several steps backward as prices and demand plummeted last year. While oil production is now moving in the right direction, we're in catch up mode to searing hot gasoline demand, and the imbalance has pushed prices up notably. For now, there's little chance of a backslide in gas prices, but a larger chance that this summer could boast near-record gasoline demand as Americans hit the road, but remain mostly stuck to the U.S. due to overseas travel challenges that persist."

Patrick De Haan, head of petroleum analysis for GasBuddy

Drew Veskauf

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