Gas prices have been on the rise lately, but that could be changing.
“If crude oil prices do not jump higher in the coming days, then we may have seen the last of the substantial price hike, because now gasoline prices have caught up with the price hike of the prior two week period,” said Trilby Lundberg, oil and gas analyst with the Lundberg Survey.
After gasoline demand increased during the Fourth of July weekend, it has begun to drop.
“Despite a certain amount of recovery, gasoline demand is being dampened by the price premium,” said Lundberg.
Patrick DeHaan, head of petroleum analysis for GasBuddy, agrees with that sentiment.
“Without additional crude oil supply coming online in the weeks ahead, we could see oil test $80 per barrel in the next couple of weeks. However, with U.S. gasoline demand falling slightly last week, we may have already seen peak consumption with the July 4 holiday. While the jury isn’t quite in on that just yet, we’re potentially only 4-6 weeks away from gas prices beginning a seasonal decline that we’re likely all eagerly awaiting,” said DeHaan.
GasBuddy says the statewide average for gas is $3.19 per gallon. The average is $3.21 in Indianapolis, $3.23 in Fort Wayne, and it’s $3.03 in Evansville.
