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Gas prices rise locally due to supply & demand

Hand holding gasoline nozzle for car refueling at gas station
Hand holding gasoline nozzle for car refueling at gas station(WRDW)
Published: Nov. 8, 2021 at 3:11 PM CST
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PEORIA (25 News) - It is the Holiday Season once again! Traveling, driving, spending, everything that the season brings costs money and unfortunately, gasoline will be a prominent figure in the cost once again.

Gas prices in Peoria have risen almost 5 cents over the past week now averaging $3.56 per gallon, according to GasBuddy. This is over 11 cents more than one month ago, and $1.27 higher than this time last year.

Patrick De Haan, Head of Petroleum Analysis for GasBuddy says that we may see it rise just a little more as we get closer to the Holidays.

“We’ve seen broad recovery from the pandemic, but oil supply has not really rebounds rebounded in the last couple of months now OPEC has increased oil production, but certainly demand is recovering far faster than supplies and that’s what’s pushing up oil prices considerably.” Said De Haan.

Simple supply and demand are causing pain at the pump. The Organization of Petroleum Exporting Countries (OPEC) is slowly increasing oil production. But, De Haan went on to say that many of the oil companies are sitting on this high demand as that will make them more money.

The year 2020 saw some very low gas prices, the COVID-19 Pandemic shut down almost all travel that was not work-related and oil companies almost stopped oil production completely.

This is not just an Illinois problem, this isn’t even a United States problem. Oil and gasoline are globally used commodities and this supply/demand issue is causing prices to rise all around the world.

“I recently traveled out of the country and every country that I saw oil prices and thus gas prices were just as high if not higher than the US this is not a US presidential decision this is simply global supply and demand.” Said De Haan regarding the false belief that the U.S. President has any sort of control over gas prices.

Patrick De Haan did provide us with some gas prices statistics for Peoria over the past 13 years and they are listed below.

November 8, 2020: $2.28/g (U.S. Average: $2.09/g)November 8, 2019: $2.54/g (U.S. Average: $2.63/g)November 8, 2018: $2.67/g (U.S. Average: $2.72/g)November 8, 2017: $2.63/g (U.S. Average: $2.56/g)November 8, 2016: $1.96/g (U.S. Average: $2.20/g)November 8, 2015: $2.13/g (U.S. Average: $2.22/g)November 8, 2014: $2.83/g (U.S. Average: $2.93/g)November 8, 2013: $3.15/g (U.S. Average: $3.20/g)November 8, 2012: $3.33/g (U.S. Average: $3.46/g)November 8, 2011: $3.42/g (U.S. Average: $3.41/g)November 8. 2010: $2.96/g (U.S. Average: $3.31/g)November 8, 2009: $2.69/g (U.S. Average: $2.40/g)November 8, 2008: $2.03/g (U.S. Average: $2.83/g)

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