GasBuddy: Illinois Fuel Update Going Into 2016

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ILLINOIS – GasBuddy says in its latest update that gas prices in Illinois have fallen in the past week and are expected to continue to fall with the winter holidays over.

The report details that average retail gasoline prices have fallen 1.8 cents per gallon in the past week. GasBuddy’s daily survey polls 4,378 gas outlets in Illinois to come to this conclusion. Meanwhile, the national average has fallen 0.5 cents in the last week to $1.99 per gallon, according to GasBuddy’s website.

Areas such as Peoria and St. Louis saw 1.4 cent and 5.2 cent increases respectively; however, Champaign saw their average price go down 0.8 cents.

The national average has decreased 5.0 cents per gallon during the last month, which GasBuddy senior petroleum analyst Patrick DeHaan says is a great way to kick off the New Year. DeHaan says the national average is over twenty centers lower than where it started in 2015.

“The good news is we could see even more price drops before the seasonal lift that will likely begin as we push towards spring,” DeHaan explains.

According to DeHaan, the fundamentals of oil remain weak, leading to lower oil prices for quite some time. The demand for gasoline will also likely move lower now that the holidays are over, and that puts downward pressure on gasoline prices.

GasBuddy also reports it will be unveiling its 2016 Fuel Outlook in the coming weeks. That will help motorists understand what the fuel price climate will be like for them in the year ahead.

Lists of Illinois price trends can be found on WAND’s Pump Patrol page.

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