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Gas prices drop in Rockford

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ROCKFORD (WREX) — After weeks of rising, gas prices fall almost five cents in the last week in Rockford, according to GasBuddy.

The average price for a gallon of gas is now $2.06 in the city. Prices are forty cents higher than a month ago, but almost 78 cents lower than a year ago.

The national average remained roughly the same, rising less than a penny. The average price nationwide is at $1.97.

"The pace of increases has begun to throttle back over the last week in most states as gasoline demand's recovery has slowed, keeping prices from matching their rapid pace from just a couple weeks ago. Prices will continue to move in lock-step with the coronavirus situation, so it remains challenging to know where prices will go in the weeks ahead," said Patrick De Haan, head of petroleum analysis for GasBuddy in a press release. "Oil prices saw another weekly rise, closing last week at over $35 per barrel due to a collision between oil production cuts and gasoline demand in the U.S. which has been on the mend, leading oil's rally. The recovery in gas prices is likely to continue, though at a slower pace than what we've seen, with $2 per gallon likely coming in the next week or two."

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