PEORIA, Ill. (HOI) -- After weeks of decline, gas prices are going back up in the Heart of Illinois.
Gasbuddy.com reports prices rose 7.4 cents last week to an average of $2.47 per gallon. That is 10.1 cents lower than a month ago, but 17.2 cents per gallon higher than a year ago.
Nationally, prices went up 0.7 cents to an average of $2.43 per gallon. That is down 12.1 cents per gallon from a month ago, but 11.5 cents per gallon higher than a year ago.
"Oil prices rebounded last week on word that OPEC members were closely considering cutting global oil production for several months to offset the decline in demand due to the coronavirus, pushing the national average marginally higher versus a week ago," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "While it's possible average gasoline prices will remain within arm's reach of recent lows, unless there's renewed or new concerns with the spread of the coronavirus, we may have seen the deepest discounted prices behind us, with some chance we'll hold close to the lows before the seasonal rally begins in earnest. It wouldn't be a bad time to fill up to hedge the chances of prices rising in the coming days."