Drivers are dealing with a sharp spike in gas prices.
Fuel Analyst Says Gas Prices Have Fallen From Last Month But Risen From Last Year
You may have noticed that gas prices have recently gone down. Though that is partially due to certain areas finally regaining stability after the recent natural disasters, it also has to do with the annual switch from summer fuel to winter fuel. Senior Petroleum Analyst Dan McTeague said that prices in Indiana have dropped on average around 15 cents from last month, when there was still speculation and concern over the amount of refineries damaged.
Though we may be experiencing lower gas prices than a month ago, compared to this time of year in 2016, we’re paying approximately twenty more cents. McTeague said there a few factors responsible for that difference. Continue reading
Petroleum Analyst Provides Some Perspective on Indiana Gas Prices
Gas prices may be up 24 cents from last year’s average but compared to individuals on the east coast, drivers in Indiana won’t be seeing much of an impact from Hurricane Harvey at the pump. According to GasBuddy.com Senior Petroleum Analyst Daniel McTeague, Indiana’s gas prices are impacted by the Chicago Spot Market, not the New York Market. Continue reading
Gas Prices to Drop This Week
Gas prices will drop a few cents this week thanks to lower crude oil prices last week.
Gasbuddy.com Senior Petroleum Analyst Patrick DeHaan says there was a spike in gas prices just after the Fourth of July holiday.
“The statewide average was about $2.15 on July 4th and now it has jumped to about $2.31,” said DeHaan. “Looking a today versus a week ago prices average $2.31 a gallon today across the state. A week ago prices averaged $2.18 so we’re looking at a pretty big increase at over $.10 a gallon.”
Gas Prices Lowest Since 2005
Gas prices have been at a decent level lately as opposed to recent months.
Gasbuddy.com Senior Petroleum Analyst Dan McTeague said the local retailers are working the numbers very closely.
“Prices are reflecting the wholesale and tax of about $2.20 a gallon and that looks to be in some places the going price,” said McTeague. “A lot of gas stations are really operating with their proverbial noses very close to the grindstone. I’ve seen some places that are moving up to $2.45.”
Cost of Crude Oil, Switch to Summer Blend Driving Gas Prices Up
Gas prices are heading up. GasBuddy.com Senior Petroleum Analyst Patrick DeHaan says Indiana and some other neighboring states have seen a notable jump in prices. Continue reading
Seasonal Spike in Gas Prices Delayed by Drop in Crude Oil Prices
Motorists will see a bit of a break in gas prices over the coming days. Continue reading
Affordable Gas Prices Predicted for Labor Day Travel
Those hitting the road this Labor Day weekend will experience the holiday’s lowest gas prices in over a decade. GasBuddy.com Senior Petroleum Analyst Patrick DeHaan says that’s in spite of a recent increase in prices. Continue reading
Gas Prices May Rise for Holiday Travel
If driving is part of your Fourth of July plans, be prepared for higher gas prices. GasBuddy.com Senior Petroleum Analyst Patrick DeHaan says prices at the pump may go up, to catch up with crude oil prices. Continue reading
Competition Leads to Wide Differences in Gas Prices
Gas prices have been heading down over the past few weeks, but the drop’s been more noticeable in some places than others. As of Wednesday, GasBuddy.com was reporting prices of $2.19 per gallon or lower in places like Plymouth and Hamlet, but about 20 cents higher in Knox and Culver. Continue reading
Indiana Gas Prices Among Highest in Country
Indiana gas prices have reached the list of the top 10 most expensive in the country. According to the AAA Hoosier Motor Club, Indiana is now has the eighth highest state average. Continue reading
Gas Prices Expected to Continue to Rise
The price of gas may have leveled off over the past few days, but there may still be some more increases ahead. Continue reading
Gas Prices to Remain Affordable for Thanksgiving Travel
Gas prices are expected to stay low during the Thanksgiving travel period. Continue reading
Gas Prices Expected to Head Back Down
Gas prices appear to be heading back down after jumping up over the past two weeks. Continue reading
Higher Labor Day Travel Fueled by Lower Gas Prices
35.5 million Americans are expected to travel at least 50 miles over the Labor Day weekend. Continue reading
Gas Prices Expected to Continue to Fall
Gas prices have been dropping over the past few days, and experts expect that trend to continue. Continue reading
Record Number of Hoosiers Taking Independence Day Getaways
The Independence Day holiday travel period is defined as Wednesday, July 1 to Sunday, July 5.This year the American Automotive Association estimates that more than one million Indiana residents will travel 50 miles or more away from their homes for Fourth of July celebrations. Continue reading
Gas Prices Expected to Stay Within Current Range over the Summer
The price for a gallon of unleaded gasoline remains low. Prices have gone up slightly in the past few weeks. Gasbuddy.com Senior Petroleum Analyst Patrick DeHaan says most stations raised prices to $2.45 a gallon.
“This is in line with what we would have expected. We’ve watched wholesale gasoline prices go up and in an account of some refinery kinks that occurred about a week-and-a-half ago that are still impacting the supply of gasoline and those prices. Prices, though, remain about $1.25 lower than last year. Over the coming week, I would expect some sort of minor decrease to emerge in gas prices,” said DeHaan.
Gasoline Prices on Upward Trend
Motorists saw gasoline prices on a downward trend for several months, but for the past few days the price has increased slightly.
According to AAA Hoosier Motor Club, prices for unleaded gasoline declined a record 123 consecutive days to $2.03 a gallon. The price increased last week for the first time since Sept. 25 of last year.
The national average price of gas is $2.06 which is approximately $1.22 less per gallon than one year ago. AAA estimates that $365 million less per day is spent on gasoline nationwide. Indiana’s current statewide average price is $2.17 a gallon.
Analyst Explains Gas Price Spike
The lower price of unleaded gasoline has relieved a pinch from consumer pocketbooks, but some retailers have dropped the price too low for a profit margin. GasBuddy.com Senior Petroleum Analyst Patrick DeHaan said that has caused prices to spike.
“What you’re seeing with the big spike is essentially gas stations losing 20 or 25 cents a gallon and raising their price back up to where they’re making about 15 or 20 cents a gallon. Obviously, you have a 40 cent a gallon difference between a station losing 20 cents and making 20 cents and that’s where these big spikes come from. The good news is that prices are already coming back down,” said DeHaan.
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