07
May
2023
|
17:00 PM
America/Chicago

Illinois Gas Prices On The Decline

CHICAGO, Ill., (May 8, 2023) — Illinois gas prices have decreased at the pump compared to a week ago. Illinois drivers are now paying an average price of $3.95 per gallon for regular unleaded gasoline compared to $4.04 last Monday.

Monday's state average is 9 cents less than a week ago and 64 cents less than this time last year.

"The price for oil has dropped nearly $20 per barrel recently to the upper $60s, which has spurred the retreat for gas prices," said Molly Hart, spokeswoman for AAA – The Auto Club Group. "And we are also in a pre-summer driving season lull regarding domestic demand. These two factors should keep pump prices drifting lower for now."

According to data from the Energy Information Administration (EIA), gas demand decreased significantly from 9.51 to 8.62 million barrels a day last week. The drop in demand is more in line with what market observers expected last week. The estimate could be revised when EIA releases final demand measurements for May. Meanwhile, total domestic gasoline stocks increased by 1.8 million barrels to 222.9 million barrels. Lower demand, alongside an increase in stocks, has contributed to pushing pump prices lower. If demand remains low, drivers will likely continue to see pump prices decline.

Today

Sunday

Week Ago

Month Ago

One Year Ago

National

$3.537

$3.540

$3.610

$3.595

$4.317

Illinois

$3.952

$3.958

$4.038

$3.954

$4.591

Chicago Metro

$4.199

$4.210

$4.295

$4.165

$4.775

Chicago City

$4.491

$4.493

$4.527

$4.374

$5.034

Bloomington

$3.650

$3.657

$3.748

$3.794

$4.454

Champaign

$3.777

$3.773

$3.823

$3.824

$4.413

Peoria

$3.753

$3.755

$3.828

$3.815

$4.496

Rockford

$3.789

$3.795

$3.844

$3.818

$4.472

Springfield

$3.658

$3.664

$3.726

$3.800

$4.448

Click here to view current gasoline price averages

Ways to Save on Gasoline

Drivers can find current gas prices using AAA.com/FuelFinder which allows consumers to compare gas prices at retailers by city or zip code.