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
Cost of Crude Oil, Switch to Summer Blend Driving Gas Prices Up
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
Gasoline Forum to Be Held in Knox Thursday
What drives gasoline prices up or down at the pump? If that question is perplexing to you, or if you see greed at the end of the gasoline hose, you’ll want to attend a program sponsored by WKVI, State Senator Ed Charbonneau, State Representative Nancy Dembowski, and Knox Mayor Rick Chambers.
Scott Imus, Executive Director of the Indiana Petroleum Marketers and Convenience Store Association, will be in Knox Thursday night at 6:30 p.m. at the Knox Community Center to answer your questions on gasoline prices. He’ll also give you his best estimate of where prices are going, and how to prepare for the eventual price.
Crude Oil Prices up; Highest Since 2008
Crude Oil prices were up 17 cents Monday, settling at a multi-year high of $91.55 at the close of formal trading. This marks the first time crude has topped $90 to begin a year since 2008.
Gas Prices Rise to $3.19 a Gallon
Gas prices spiked ten cents this week when prices hit $3.19 a gallon.
“We’re kind of seeing a little bit of a combination of things when it comes to crude oil prices,” said Don Good of the Good Oil Company in Winamac. “It’s combination of the weak dollar, we’ve kind of talked about that crude oil is valued in dollars, so when we do something in our economy that makes the dollar weaker, like the $900 billion tax relief plan that added to the deficit, that made the dollar fall. Since the dollar is the currency that they value crude in around the world, it makes crude oil more expensive for us and less expensive for other countries. India’s and China’s economies have really picked up. I think they’re running at about a six or eight percent increase compared to where we are struggling. As a matter of fact, China just passed us as being the largest consumer of petroleum in the world. They’re consumption of oil is going up while ours is pretty stagnant. Right now the markets are focusing on their use than ours.”
