C-U Gas Prices Hit Highest Level In Nearly Two Years

May 07, 2018
 

Gas prices in Champaign-Urbana have hit their highest level in nearly two years.

According to the price-tracking website Gas Buddy, the average price for a gallon of regular unleaded in C-U is $2.71.  That’s about 8 cents more than last week, and matches this year’s high from two weeks ago.

C-U gas prices are lower than both the Illinois average of $2.81 per gallon and the national average of $2.80, and still about a dollar per gallon cheaper than the average price in C-U in both 2013 and 2014.

Gas Buddy analyst Patrick DeHaan says the rise in prices nationwide has slowed over the last week.  He says the next thing markets will be watching is President Trump’s upcoming decision whether to stay in the Iran nuclear deal. DeHaan says if he kills the deal it could lead to sanctions on Iran’s oil production, which would likely lead to further gas price increases.

"Oil's moves and possible moves will likely be the key catalyst behind changes at the pump in the weeks ahead as summer driving season soon gets underway," DeHaan said. "Motorists should expect the national average to drift around in the upper $2 per gallon range for much of the summer."

Story source: WILL