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.”

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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.”

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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.”

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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.”

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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

Senior Petroleum Analyst Expects High Gas Prices to Continue in 2018

For the last 10 weeks, the United States has consecutively seen a steady decline in crude oil inventories, according to Gasbuddy.com Senior Petroleum Analyst Dan McTeague.

In January of 2017, the cost of a barrel of oil was around $52. McTeague shared that right now, we’re seeing prices closer to $66. That is a $14 difference and he said it may increase as the year goes on with high demand at the national and international level, increased exports and stalled production continuing to impact costs. 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.”

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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 for Gas Buddy, 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

Petroleum Analysts Wait to See How Harvey Impacts National Gas Prices

As first responders attend to the devastation and destruction caused by Tropical Storm Harvey, fuel analysts wait to see how national gas prices will be impacted. Senior Petroleum Analyst for GasBuddy.com Partick DeHaan said that during Hurricane Katrina whole-sale gas prices shot up 40 cents a gallon. Though he expects a similar reaction, the current projections are still unknown. 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.”

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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.”

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