Week of Jan. 31 gas update: Prices increase 4.1 cents per gallon

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The cheapest gas prices in the state reported Sunday at $3.17/g, while the most expensive was $4.49/g with a difference of $1.32/g.

DeKALB — The average gasoline prices have increased to 4.1 cents per gallon in the last week, averaging $3.50 per gallon on Jan. 31, according to GasBuddy’s survey of 4,378 stations in Illinois. Prices in Illinois are 16.9 cents per gallon higher than a month ago and stand 96.5 cents per gallon higher than a year ago.

The cheapest station in Illinois was priced at $2.95 per gallon on Jan. 31, while the most expensive was $4.39 per gallon, making a difference of $1.44 per gallon.

The gasoline prices in Illinois have changed drastically in the past ten years on Jan. 31. The price of gasoline on Jan. 31 went from $3.46 per gallon in 2012, $1.68 per gallon in 2016 to its current price of $2.54/g.

“The price of oil pushed into territory unseen in over seven years as WTI crude hit $88 per barrel, which continues to drag gasoline prices higher,” head of petroleum analysis Patrick De Hahn said. “With continued concerns over geopolitical tensions and crude oil supply, the small yet noticeable increases are likely to continue.”

The national average price of gasoline has risen 2.9 cents per gallon in the last week, averaging $3.32/g today.  According to GasBuddy’s prices, the average is up 6.8 cents per gallon from a month ago and stands 92.8 cents per gallon higher than a year ago.