Rising oil prices and the switch to summer blend gasoline continue to push prices up at the pump. That’s according to the weekly update released by GasBuddy Monday. Indiana’s average gas price was $2.58 a gallon, five cents higher than the week before and 19 cents higher than a month ago. But some gas stations were charging significantly more than that.Continue reading
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.”
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.”
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.”
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.”
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
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.”
Gas prices are starting to head back down after a large spike last week, but they’re expected to stay above last year’s levels as the Thanksgiving travel season approaches. That’s according to GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. Continue reading
Drivers are dealing with a sharp spike in gas prices.
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.”
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
Motorists will see a bit of a break in gas prices over the coming days. Continue reading
Indiana gas prices have reached the list of the top 10 most expensive in the country. According to the AAA Hoosier Motor Club, Indiana is now has the eighth highest state average. Continue reading
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
The price for a gallon of unleaded gasoline remains low. Prices have gone up slightly in the past few weeks. Gasbuddy.com Senior Petroleum Analyst Patrick DeHaan says most stations raised prices to $2.45 a gallon.
“This is in line with what we would have expected. We’ve watched wholesale gasoline prices go up and in an account of some refinery kinks that occurred about a week-and-a-half ago that are still impacting the supply of gasoline and those prices. Prices, though, remain about $1.25 lower than last year. Over the coming week, I would expect some sort of minor decrease to emerge in gas prices,” said DeHaan.
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.
People traveling this week for the holidays will see sizeable savings in fuel costs. GasBuddy.com Senior Petroleum Analyst Patrick DeHaan says prices are much lower than recent past years.
People traveling this week for Thanksgiving will see sizeable savings in fuel costs. Prices that had been on the decline crept up to $2.99 a gallon in some areas over the last couple of days. Continue reading