PEORIA, Ill. (WEEK) — It is costing less to fill up your gas tank.
Gasbuddy.com reports prices fell 5.6 cents in Peoria last week, to an average of $2.79 a gallon.That is nine cents lower than a month ago, and 7.5 cents lower than a year ago.
The national average also fell, dropping 2.6 cents last week to an average of $2.70 a gallon. That is down 5.6 cents per gallon from a month ago, and 15.8 cents lower than a year ago.
“Gas prices have remained somewhat stable in the last week, falling in most communities across the country as oil prices remain under fire over renewed concerns of an economic slowdown in the U.S. as President Trump slapped China with new sanctions, driving the worry,” said Patrick DeHaan, head of petroleum analysis at GasBuddy. “There’s a growing threat that gas prices may plunge this fall- perhaps as much as 50 cents per gallon by Thanksgiving- as headwinds have killed off any demand growth and gasoline demand plummets after summer. It appears less and less likely that the trade spat between the world’s two largest economies will cease any time soon, and that threat will likely stifle gas prices for the immediate future.”