Gas prices are expected to jump a bit prior to the major days for holiday travel.
That’s according to GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. He says prices across the state of Indiana have largely stayed below $2 per gallon over the last few months, but some refinery issues experienced late last week may begin to show themselves in wholesale gas prices.
DeHaan says despite the increase this week, prices should stay under $2 per gallon for the rest of the year.
“Even at $1.99, we’re just under that threshold,” says DeHaan. “Like we’ve already seen for the past month or so, prices are continuing to dance around the upper $1 range, and I expect that to continue over the next one to two months.”
The price of a barrel of oil remains around the $40 mark. That allows gas prices to remain low for extended periods. The price per barrel of oil is lower now at the bottom of the recession.
DeHaan says Indiana will not be exempt from some of those benefits, saying gas prices could change again from the $1.90 per gallon range seen across the state.
“I think that over the next week or two once these refinery issues are addressed, that gas prices could continue to test new lows over the next one to two months,” says DeHaan.
Low gas prices are also expected to remain for a period in the New Year. Historical trends suggest the price of a gallon of gasoline begins to increase in the spring.
More than 90-million Americans are expected to travel 50 miles or more during the holiday travel period.
