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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Prices at the Pump Projected to Keep Decreasing

 

The national average price at the pump is lower at the start of August than it was at the beginning of July. GasBuddy Senior Petroleum Analyst Patrick DeHaan accounts the decreased prices to an overall dip in crude-oil costs. He says the cost of crude-oil has gone down due to the abundance of crude-oil being supplied. Indiana is averaging at $2.47 a gallon, offering lowering prices than our neighboring states of Illinois, Michigan and Wisconsin. 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.

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