Gas Prices Plunging In Wake of Record Highs

With the average price of gas in Indiana down 20 cents over the last week, Senior Petroleum Analyst Patrick DeHaan said this is due to a number of factors, including the switch to winter blend gasoline.

“A lot of it has to do with seasonal factors as well, drops in demand that allow the supply to build. That’s really the gist of it, you have falling demand, rising supply, and the switchover to cheaper winter gasoline. That’s essentially it in a nutshell,” said DeHaan.

Indiana’s average gas price is only six cents higher than it was one year ago, with the average national gas price decreasing for 16 days in a row.

DeHaan pointed out that the decreasing prices likely won’t continue their downward trend, but he expects them to bottom out in the low three-dollar range. He explained that prices could actually increase for a number of reasons, including conditions in the Middle East, holiday sales, and improvements to the economy.