Gas increases should slow with extreme cold moving out, experts say

Regional News

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INDIANAPOLIS (WTWO/WAWV) — Indiana gas prices have risen 15.8 cents per gallon in the past week, averaging $2.63/g today, according to GasBuddy’s daily survey of 3,271 stations in Indiana.

“With last week’s extreme cold shutting down millions of barrels per day in refinery capacity, gas prices have seen their largest weekly climb in quite some time,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “The jump in price was the result of a dozen or so refineries, primarily in Texas, that were forced to shut down as the frigid temperatures threatened to wreak havoc on their exposed equipment.”

Gas prices in Indiana are 31.3 cents per gallon higher than a month ago and stand 23.9 cents per gallon higher than a year ago.

“With the cold weather behind us, price increases should begin to slow later this week or next week, and so long as these refineries get back online in short order, we may see gas prices start to move back down in the next couple of weeks,” De Haan said. “However, as we near spring weather, we’ll likely see another longer term rise in prices begin as refineries start to transition to summer gasoline, so motorists shouldn’t jump for joy just yet.”

According to GasBuddy price reports, the cheapest station in Indiana is priced at $2.27/g today while the most expensive is $2.85/g, a difference of 58.0 cents per gallon. The lowest price in the state today is $2.27/g while the highest is $2.85/g, a difference of 58.0 cents per gallon.

The national average price of gasoline has risen 10.4 cents per gallon in the last week, averaging $2.63/g today. The national average is up 24.2 cents per gallon from a month ago and stands 15.1 cents per gallon higher than a year ago.

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