Gas prices dip slightly in Peoria - Peoria-area News, Weather, Sports

Gas prices dip slightly in Peoria

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PEORIA, Ill. (WEEK) -- -

It's not much, but last week marked the first time in 2018 that gas prices dipped in the Peoria area.

GasBuddy's weekly survey of 148 gas station outlets in the Peoria area shows the average price for a gallon of gasoline fell 7.7 cents to a total of $2.46 a gallon. The national average fell 3.5 cents to $2.57 a gallon over the same period.

"The wait is over- 2018's first weekly drop at gas pumps has arrived with the national average losing ground in the last week. As the Dow Jones average swung violently, oil prices lost considerable ground, falling below $60 per barrel for the first time this year. In addition, a weekly report from the government showed a trifecta of inventory increases: crude oil, gasoline and distillate inventories all gained, pushing wholesale gasoline prices down and paving the way for gas prices to cool off," said Patrick DeHaan, head of petroleum analysis for GasBuddy.

DeHaan said he expects relief at the pump to last the next several weeks. 

Prices are 27.6 cents per gallon higher than a year ago and 11.5 cents per gallon lower than a month ago. 

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