Cost of Gas Back on the Rise

The cost of gas is back on the rise as some stations in Indiana report prices as high as $3.89 per gallon. Senior Petroleum Analyst Patrick DeHaan said this is due in part to the increasing cost of wholesale gasoline, and while he does expect them to decrease in the near future, they will likely stay in the mid-three dollar range for the rest of the year.

“At least today, we’re starting to see prices go up quite a bit depending on where you are in Indiana. Statewide average is only up two cents a gallon on average so far today, but by the end of the day most stations will have raised to $3.59 or so. A lot of reasons for that is that on Friday there was a pretty big increase on the wholesale cost of gasoline, so stations are raising their price in response to that,” said DeHaan.

The current national average is right around $3.46, though it is currently on an upward trend while the state average is dragging behind at $3.39. Gas prices in Knox are hovering around $3.59, while stations in Winamac report prices as low as $3.42 a gallon.

DeHaan said prices will likely begin to decrease today, though not by much – he expects prices to remain relatively close to what they currently are. Fortunately, DeHaan said he doesn’t expect the upcoming holiday season to have much of an impact on prices. He said if there are any drastic changes in price, it’s likely coinciding with increases in the market price.