Gasoline prices in Illinois down 45 cents over last month

Posted on July 11, 2022
The cheapest station in the state is $4.09, while the most expensive is $6.79 a gallon. (Flickr)

By Jake Fogal

BLOOMINGTON – Illinois gas prices have dropped 16 cents per gallon in the past week, averaging $5.15 today.

According to GasBuddy, gas prices in Illinois are 45 cents lower than a month and year ago.

The cheapest station in the state is $4.09, while the most expensive is $6.79 a gallon.

“The national average has declined for 27 days straight, or four weeks, the longest decline in the average gas prices since the pandemic started in 2020. Average gas prices are down nearly 40 cents, with Americans shelling out $140 million less on gasoline every day than they did a month ago,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

The national average is down about 13 cents per gallon in the last week, averaging $4.66.

“We may see the trend last a fifth week, as long as oil prices remain cooperative and don’t surge beyond $105 per barrel, and as long as refinery production of gasoline remains strong. But we’re not completely out of the woods yet – we could also see a sharp reversal in the decline. There remains risk of a spike in prices that could send us to new record levels in August, should any disruptions occur. It could be a wild ride, but for now, the plummet at the pump shall continue.”

Jake Fogal can be reached at [email protected].

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