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Peoria gas prices slide as predictions for economic slowdown may provide relief

This picture depicts the octanes of gasoline at a gas pump
This picture depicts the octanes of gasoline at a gas pump(MGN Online)
Published: Jun. 20, 2022 at 2:21 PM CDT
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PEORIA (Heart of Illinois ABC) - The average price of gasoline in Peoria dropped 5.1 cents per gallon in the last week, averaging $5.26 per gallon on Monday, according to GasBuddy’s latest survey of 148 stations in the River City.

Still, prices locally are 39 cents per gallon higher than a week ago and $2.00 per gallon higher than a year ago.

Prices remain elevated prompting President Joe Biden to consider a gas tax holiday to provide motorists with some relief.

The cheapest gas price in Peoria was $4.99 per gallon on Sunday, while the most expensive price was $5.39 per gallon.

Statewide, the lowest price was $4.68 per gallon on Sunday, while the highest was $6.79 per gallon.

Nationally, the average price fell 4.2 cents per gallon in the last week, averaging $4.97 per gallon on Monday. It’s the first national decline in nine weeks, said Patrick De Haan, GasBuddy’s head of petroleum analysis.

“I’m hopeful the trend may continue this week, especially as concerns appear to be mounting that we may be on the cusp of an economic slowdown, putting downward pressure on oil,” De Haan said in a statement.

Barring any unexpected shutdowns, De Haan sees the national average falling another 15 to 30 cents by the Fourth of July holiday.

GasBuddy says the price of diesel fuel rose 2.6 cents during the past week to $5.80 per gallon.

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