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Drivers feel the pinch as Peoria’s gas prices soar toward a new high

Gas prices in Peoria increased by 37 cents per gallon over the past week and are on track to break the 2011 record of around $4.25.
Joe Deacon
/
WCBU
Gas prices in Peoria increased by 37 cents per gallon over the past week and are on track to break the 2011 record of around $4.25.

Peoria-area drivers should expect to pay more at the gas pumps for the foreseeable future, and more than they ever have before.

Patrick De Haan, a market expert who tracks and analyzes fuel prices for Gas Buddy, said Peoria’s average per-gallon price was up to $4.12 on Friday morning, an increase of 37 cents over the past seven days.

“Just an absolute tear in terms of gas prices soaring,” said De Haan. “It's what we're seeing across much of the Midwest and the Great Lakes, seeing massive increases as the region switches over from winter to summer gasoline. And of course, (there’s) the situation in Russia essentially cutting off Russia's oil supplies.

“Unfortunately, we likely will continue to see prices advancing here in the days and weeks ahead.”

De Haan said the price of oil was up to $114 a barrel Friday morning, and wholesale price of gasoline was up by 12 cents per gallon. He said that means Peoria is about to break its 2011 high mark of around $4.25 per gallon.

“That probably will happen in the next 24 to 48 hours, and we could be on the road to $4.50 a gallon,” he said. “And it's not impossible – I hate to say it; it's still improbable, but not impossible – that we could get to $4.75 or even $5 a gallon if the situation worsens.”

WCBU interviewed some Peoria residents this week as they filled up their tanks. They said the higher gas prices were creating a hardship for them, and they'd like to see the government do something to create relief for motorists hurting at the pump.

“The gas prices here in Peoria are just a little bit too hard on us,” said Jerome Hunt. “We're all trying to make it. I think they should do something to help us."

College student Matt McDonald said he was hopeful things would work out. He hoped the U.S. would consider looking to the Middle East to replace Russian imports.

“I think, you know, as a nation we're going to do a good job finding sources of oil other than Russia,” he said. “Hopefully that issue gets resolved quickly and we can get back to getting oil from Russia soon. I know that's a big part of their economy, too, so it's going to be beneficial to all of us.”

De Haan noted Russia’s attack of Ukraine and the ensuing global reaction comes at a time when COVID-19 has diminished and people are getting back to their old driving habits.

“Keep in mind, in the long term over the last year, we've seen the economy largely heal. Americans have gotten out; the pandemic has eased. Restrictions have greatly eased and demand for gasoline is up,” said De Haan.

“Unfortunately, the global oil supply has been much slower to react, and now with the loss of Russia’s 10 million barrels a day – about 10% of global supply – we're experiencing some significant pain at the pump that probably will stick around for most of the summer.”

Contact Joe at jdeacon@ilstu.edu.
Justin Hill is an audio production and reporting intern at WCBU. He joined the station in 2022.