Gas experts say prices are likely headed ‘nowhere but up’

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PEORIA, Ill. — Gas prices fell slightly in Peoria as the summer driving season continues, putting the average price per gallon at $3.27.

According to GasBuddy’s weekly survey of 148 stations in Peoria, the price of a gallon went down 0.8 cents over the past week. Gas prices in Peoria are 3.7 cents per gallon higher than a month ago.

The cheapest gas price in the area is priced at $2.98 while the most expensive price is $3.49 per gallon, a difference of 51 cents per gallon.

Comparatively, gas prices across the state average $3.29 per gallon, down 1.7 cents from last week’s price. Champaign’s average price also rose to $3.24 per gallon, and over in the Quad Cities, the average price dropped to $3.03 per gallon.

GasBuddy Petroleum Analysis Head Patrick De Haan said over the holiday weekend, drivers could have set new all-time records for consumption as millions of Americans filled their tanks at a rate not seen in years.

“As OPEC+ met over the weekend and saw a heated disagreement about raising oil production, WTI crude oil surged in Monday evening electronic trading to nearly $77 per barrel on higher demand and a lack of additional supply from OPEC amidst a mountain of disagreement on how to respond to the market,” De Haan said in a blog post.

He said drivers should expect to pay more to fill their tanks as the summer driving season continues.

“For now, with imbalances in supply and demand continuing, motorists will continue digging deeper to pay for gasoline as prices are likely headed nowhere but up until global supply starts to catch up with the continued surge in demand,” De Haan said.

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AAA reported since the beginning of the year, the national gas price average has increased 40% to $3.13 from $2.25. AAA spokesperson Jeanette McGee said robust gasoline demand and more expensive crude oil prices are pushing gas prices higher.

“We had hoped that global crude production increases would bring some relief at the pump this month, but weekend OPEC negotiations fell through with no agreement reached. As a result, crude prices are set to surge to a seven-year high,” McGee said.

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