Gas Prices Expected to Continue to Go Down

The decrease in gas prices is expected to continue. Patrick DeHaan, head of petroleum analysis at GasBuddy, says prices have been inching lower, following a spike during the attacks in Saudi Arabia. “The statewide average in Indiana is down about five cents a gallon in the last week,” DeHaan says. “It stands at $2.51. That’s about 50 cents lower than last year.”

Continue reading

Gas Prices May Soon Head Back Up, Pending OPEC Announcement

 

The steady drop in gas prices may soon come to an end. GasBuddy.com Senior Petroleum Analyst Patrick DeHaan says the average price of gas in Indiana has dropped from almost three dollars a gallon at the start of October to $2.20 on Monday. “But that may soon coming to a halt,” he says. “Oil prices are up sharply on the prospects that OPEC will cut oil production when it meets later this week at its annual meeting. In addition, there’s some optimism that a trade deal could be looming between the U.S. and China, thus bolstering the economy in the near short-term future.”

Continue reading

Summer Gas Prices May Depend on Oil Production, Iran Sanctions

The Memorial Day travel period may be behind us, but gas prices continue to fluctuate. GasBuddy.com Senior Petroleum Analyst Patrick DeHaan says gas stations started raising their prices again late last week. “Oil prices had given up a little bit of ground on hopes that OPEC will raise production,” he explains, “but then quickly gave those losses back up and moved back up. Overall, I think we’ll see prices a little bit lower than where they were just ahead of Memorial Day weekend.”

Continue reading

Crude Oil Costs Keep Pushing Gas Prices Higher, but a Peak May be Near

Gas prices may be reaching a peak, but the cost of crude oil continues to cause concerns. “We’re very close to putting the worst days behind us,” says GasBuddy.com Senior Petroleum Analyst Patrick DeHaan, “though gas prices probably will still stay in the upper two-dollar range this summer, which is likely to be the highest since 2014.”

Continue reading

Crude Oil Cost, Switch to Summer Blend Pushing Gas Prices Higher

High gas prices can be blamed on the cost of crude oil and the switch to summer blend gasoline, according to GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “We’re seeing this across much of the Midwest,” he says. “We are transitioning to summer gasoline, and one of the larger refineries in the region is currently undertaking maintenance, which limits the ability to produce as much gasoline at a time of year that demand is starting to rebound. So really, those two factors, combined with oil prices that remain relatively high, are leading to higher gas prices.”

Continue reading

Factors Impacting Crude Oil Prices and Ways to Save on Fuel Provided by Senior Petroleum Analyst

Gasbuddy.com Senior Petroleum Analysts Patrick DeHaan and Dan McTeague collaborated on a fuel price outlook for 2018.

Though the men did predict an expensive year ahead when they issued the prediction on January 3rd, McTeague said conservative figures were utilized in order to avoid making any assumptions that could have been considered too high. Five weeks into the New Year even the maximum predictions have been surpassed.

McTeague explained that one factor currently contributing to dwindling crude oil inventories is a leak to a frequently used pipeline. Continue reading

Gas Prices Expected to Increase

Gas prices have recently been dropping across Indiana, but don’t expect that trend to continue. GasBuddy.com Senior Petroleum Analyst Patrick DeHaan says many of the issues that led to a spike in gas prices in early November have since been resolved. “Due to the factors we had previously talked about, a pipeline leak that has been fixed, refinery maintenance season, which is now done, gas prices have been in free fall across much of Indiana for the last two weeks.”

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.”

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.

Continue reading

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.

Continue reading