Gas prices in Greater Peoria are trending down, with a possible end in sight to the war in Iran.
As of Monday afternoon, the fuel cost-tracking website GasBuddy showed a per-gallon average of $4.37 in the Peoria market.
That's down about 20 cents from last week and nearly 60 cents from a month ago, but still almost $1.10 higher than last year.
In a weekly blog update Monday, GasBuddy lead analyst Patrick De Haan said oil prices dropped sharply on the reports of an agreement to end the war.
“Average gasoline prices fell in 47 states over the last week, with the national average dropping below $4 per gallon late Sunday for the first time since mid-April,” said De Haan, expressing caution over whether the agreement will hold.
“The real test now shifts to the Strait of Hormuz, where any reopening and resumption of normal oil flows would be the clearest signal that this relief is durable. For now, the national average could continue falling, provided there isn’t a drastic reversal and the U.S. and Iran continue moving in a positive direction.”
Heading into the Memorial Day travel weekend, Peoria’s gas average was up to $4.84 per gallon amid the oil market volatility stemming from the war.
Monday’s figures showed an average of about $4.40 in Peoria County and nearly $4.50 in Woodford County, countered by prices in the $4.30-$4.33 range in Tazewell, Stark and Marshall counties.
Further east, McLean County showed an average of just under $4.20. The statewide average stands at $4.32, which is still 90 cents above last year’s average at this time.
