Gasoline and diesel prices dropped by 20 cents at the pump in Jacksonville over the last week. An average cost for a gallon of unleaded fuel fell to $3.95 a gallon, with only two stations reporting costs above $4 today. Diesel prices dropped to $5.09 a gallon on average around Jacksonville. 25% of the reporting stations are reporting sub-$5 a gallon costs today.
Nearby Scott County sits at $4.19 a gallon on average today with Sangamon reporting the next best price in West Central Illinois at $4.12 on average.
Illinois as a state is still worse than the national average of $4.32 a gallon. Illinois’ average is still sitting at $4.73 a gallon, with Chicagoland and northern Illinois drivers reporting the highest prices in the state.
AAA says the downward trend is attributed to lackluster demand coupled with lower oil costs. GasBuddy’s Patrick Dehaan says the lowered gas prices may not be a good thing: “Figures are set to be coming out soon that could change directions are where we go in gas prices. Keep in mind that we are in the midst of hurricane season. Any major storms taking aim for the Gulf of Mexico could also push prices up. The next chapter is a little unknown. I’m hopeful that the decline may continue into another week before we could either go lower. We could pop back up.”
Volatility in the crude oil market is said to be at its highest point currently. Gas prices have experienced a perfect storm of problems already with Covid-19, inflation, and the War in Ukraine. If gas demand remains low as stocks increase, alongside a continuing reduction in crude prices, drivers will likely continue to see pump prices decline.