PEORIA, Ill. (WEEK) — After skyrocketing last week, gas prices are falling again in Central Illinois.
Gasbuddy.com reports prices across the area fell 5.7 cents per gallon last week to average $2.93 a gallon. That is 27.5 cents higher than a month ago, and 15.5 cents per gallon higher than a year ago.
The national average also fell 3.5 cents to an average of $2.76….nearly 11 cents higher than just a month ago. However, that is 6.7 cents per gallon lower than just a year ago.
“Average U.S. gas prices drifted lower this week as oil’s downturn has picked up steam thanks to a smaller than expected decline in U.S. oil inventories and concerns remain over the strength of the U.S. economy,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
“Oil largely ignored Iran’s attempt to make waves in the Strait of Hormuz last Friday but we may see some impacts in the week ahead, though over the weekend some behind the scenes signs emerged that some parties were trying to de-escalate the rising tensions. Motorists will likely face a mixed bag at the pump in the week ahead. Gas prices are likely to drift lower for the first part of the week, with the exception of Great Lakes states, but may perk up closer to the weekend or early next week should oil prices exhibit strength that pushes them close to $60 per barrel.”