Gas prices to go back up in Indiana this week

("Gas Pump" by Mike Mozart, CC BY 2.0)

You might want to fill up your gas tank sooner rather than later. 

GasBuddy Analyst Patrick DeHaan expects gas prices to spike in the Great Lakes region this week, possibly as early as Monday afternoon.

“This is kind of a normal cycle, that happens every 1-2 weeks,” DeHaan said. “Prices will go up, but especially after oil barrel prices jumped last week after the Middle East tensions.”

Over the last two weeks, Iran attacked two oil tankers, then shot down a U.S. Military drone.

“That pushed oil prices to the highest level in weeks,” DeHaan said. “They’re at about $58 per barrel this morning.”

In Indiana, the statewide average has dropped over the last week to $2.50 per gallon.

“Some stations are down to the $2.30s and $2.40s,” DeHaan said. “For those stations, it could be a 40-cent increase. We could see most stations go back to $2.79, maybe even $2.89 per gallon.”

He added that the price increase will happen throughout Indiana and the rest of the Great Lakes region on Monday, Tuesday and Wednesday.