Listen Live

STATEWIDE--Gas prices went up slightly last week, but that is supposed to change over the next few days.

Patrick DeHaan, head of petroleum analysis for GasBuddy, said Indiana was due for a price cycle which drove prices up last week.

“Oil prices have gone up, so that certainly is a factor in how high prices ended up going. But we are seeing prices go back down. We’ll probably see that for at least a portion of the week before seeing another price cycle in maybe 5-8 days,” said DeHaan.

DeHaan said it is probably best for you to wait to fill up your tank if you can.

“That’s simply because prices went up just a few days ago. We are only now starting to see prices whittle back down over the last few days,” said.

There is what DeHaan calls “global optimism” around the coronavirus vaccine being distributed across the world. That could bring prices up in the future.

“It is creating optimism that we may see demand go up in the weeks and months ahead. If things look much improved, I would expect for a longer upward move in gas prices,” said DeHaan.

DeHaan believes prices will go up incrementally towards the end of the year.

“That could mean that instead of prices going up to $2.09 and then $2.15, we could see prices go up to $2.19 and then the next time $2.29. Then they could slowly climb every couple of weeks as markets continue to rally,” said DeHaan.

For now, DeHaan believes the holidays will be marked by the lowest seasonal prices in years.