Gas price average down in Peoria, Bloomington

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(WEEK) — The average price of gas in the Peoria and Bloomington area is down, according to GasBuddy and AAA.

GasBuddy reports prices in the Peoria area have fallen .5 cents in the past week, averaging $3.36/gallon, according to a daily survey of 148 Peoria stations.

AAA is reporting the average price of gas in the Peoria area is $3.358/gallon, a change from $3.369.

In Bloomington, AAA said today’s average is $3.307/gallon, a change from $3.342.gallon.

“Motorists have seen average gas prices edge slightly higher over the last week, even as the price of oil saw selling pressure,” Patrick De Haan, head of petroleum analysis for GasBuddy, said. “This leads me to believe that the tide may soon turn on gas prices, so long as we don’t see hurricanes target the country.”

“In addition, GasBuddy data showed a decline in gasoline demand last week as we inch towards the end of the summer driving season, a time when demand softens. With the factors that drive prices higher now softening, I’m hopeful that in the next few weeks, we’ll start to see average gas prices declining. However, motorists shouldn’t get too excited yet – larger declines will likely not come until late September and October, as we transition back to cheaper winter gasoline.”

“Gas prices jumped early last week because of lower gasoline supplies and a weaker dollar,” Molly Hart, spokesperson for AAA – The Auto Club Group, said. “However by the end of the week, futures prices dropped 8% on a stronger dollar and concerns about how the spread of COVID-19 could curb global fuel demand. If sustained, lower futures prices would enable gas prices to slip lower this week.”

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