Peoria-area drivers are getting closer to paying $5 per gallon of gas as the war in Iran remains at a stalemate.
The fuel cost-tracking website GasBuddy.com showed an average of nearly $4.85 for the five-county Peoria market on Monday. That figure is boosted by a $4.95 average in Peoria County alone.
GasBuddy lead analyst Patrick De Haan said the spike in the Great Lakes region is driven by refinery outages in combination with the ongoing war in Iran.
“While refinery outages were a key driver behind those outsized increases, early signs of improvement could help ease some of the most extreme price pressures in the Great Lakes in the days ahead,” De Haan said in the site's weekly blog.
De Haan said several factors could help restore some oil supply, including OPEC+ nations agreeing to increase production and the new U.S. mission to free ships stranded in the Strait of Hormuz.
“With so many moving pieces, the outlook remains highly fluid, and while some localized relief may emerge, broader price volatility is likely to persist in the near term,” he said.
The Peoria area's average price is up almost 50 cents from a week ago, and about $1.50 more than last year. The highest average on record for the Peoria area is $5.31, set two years ago.
Illinois’ statewide average was up to $4.93 by Monday afternoon, the highest of any state east of Nevada. The national average stands at $4.45.
