PEORIA, Ill. — With the news of a Russian ground invasion into Ukraine, there is the distinct chance for energy prices to increase sharply, particularly for drivers.
At present, the price motorists pay at their local gas pump in Peoria and Pekin still averages around $3.67 per gallon of regular unleaded, according to AAA Illinois.
That’s already nearly a quarter more than was charged just one month ago.
Much of the upward pressure on gasoline prices thus far can be attributed to COVID-19 economic impacts, supply chain disruptions and a more recent rise in gasoline demand.
Other forces like the annual winter-to-summer blend fuel transition were already expected to apply more upward pressure on gas prices in the U.S., but now with the conflict in Europe, energy analysts express concern about what Russia may choose to do with its large stockpiles of oil and natural gas, potentially reducing global market supply in a significant way.
This week, the White House promised to do all it can to try and keep prices hikes as low as possible. Vice President Kamala Harris told reporters during a trip to Munich, Germany that the United States is taking “specific and appropriate steps” to prepare for any potential costs.
There is traditionally always the concern some gas station managers may hike prices to the point of gouging drivers.
At the Huck’s gas station in East Peoria, drivers paid $3.65 for a gallon of gas early Thursday. Foot traffic at the time seemed typical for the later morning period.
Gas Buddy, Inc reported a 13 cent spread between the highest an lowest gasoline price in the Peoria area.
Drivers were paying a low of $3.56 all the way up to a high of $3.69.
According to Triple A, the current statewide average price for a gallon of regular unleaded gasoline stands at $3.71 in Illinois.
