Gas prices have increased lately, which is a trend that is likely to continue, according to GasBuddy.
The statewide average for gas across Indiana is $2.29 per gallon, which is up six cents from where it was this Monday. The coronavirus has caused demand for gas to decrease substantially over the last 10 months, but rising oil prices mean prices are trending upward.
“With oil’s meteoric rally continuing, motorists continue to face gas prices that continue to advance. With a barrel of crude oil now at its highest level in nearly a year, there’s no where for gas prices to go but up,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “In a normal year, this is the time we tend to see gas prices struggle, and according to Pay with GasBuddy data, gasoline demand is indeed seeing seasonal struggles, but that has not tempered the appetite of the market as many remain bullish over the continued rollout of a COVID-19 vaccine. How long we may be on this road relies on continued reduction in new COVID cases, but we may for the coming weeks seeing gas prices continuing their climb.”
Oil and gas analyst Trilby Lundberg of the Lundberg Survey says this is also putting pressure on oil refiners. “With crude oil prices going up, refiners in the U.S. have it pretty tough. They are paying more for their resource,” said Lundberg.
The latest from GasBuddy on Tuesday shows gas as low as $2.15 paying with cash in Warsaw, $2.23 with credit. Some of the highest prices are seen in Etna Green and Silver Lake at $2.35, while prices have jumped in North Manchester to $2.49.
