Average gas prices rise as oil prices climb

The average price for a gallon of gas has risen again after a brief dip, AAA reports.
The average price for a gallon of gas has risen again after a brief dip, AAA reports.(MGN)
Published: May. 9, 2022 at 11:09 AM CDT
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PEORIA (Heart of Illinois ABC) - The average price of gas in Peoria has climbed 10.7 cents per gallon in the last week - averaging $4.49/g Monday, according to GasBuddy.

As of today, prices in the River City are 6.2 cents higher than last month and are $1.31/g higher than last year.

The price of diesel has risen 22.6 cents nationally in the past week and stands at $5.518 per gallon.

According to GasBuddy price reports, the cheapest station in Peoria was priced at $4.14/g yesterday while the most expensive was $4.65/g, a difference of 51.0 cents per gallon. The lowest price in the state yesterday was $3.93/g while the highest was $5.78/g, a difference of $1.85/g.

The national average price of gasoline has risen 13.6 cents per gallon in the last week, averaging $4.31/g today. The national average is up 19.6 cents per gallon from a month ago and stands $1.36/g higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

“Gasoline and diesel prices alike saw strong upward momentum last week as oil prices continued to climb after the EU signaled its desire to sanction Russian oil. In addition, U.S. petroleum inventories saw yet another weekly decline as we near the start of summer driving season,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Not only are diesel prices at a record high, they are at their largest differential to gasoline on record, surpassing the 98-cent difference in 2008 and currently standing at a $1.20 per gallon premium. While motorists filling with gasoline have seen a slight rise in prices, diesel’s surge will be a double whammy as diesel prices will soon be passed along to retail channels, further pushing up the cost of goods.”

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