STATEWIDE–Gas prices are expected to go back up again across Indiana soon.
“I do think it’s possible that at some point here today, tomorrow, or this week, we will start to see prices to start going back up. They could possibly reach $3.29 or maybe as high as $3.35 or $3.39. If your tank is near empty right now, it may not be a bad idea to fill up, especially if you can find a station that’s selling it for under $3 per gallon,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
The ongoing conflicts in Libya and Kazakhstan are continuing to cause both oil prices and tension to rise. Kazakhstan is the 18th largest oil producer in the world. Libya has had issues with pipeline maintenance.
“The leader of Kazakhstan has said that protests are over and that things are calming down, but it doesn’t look like it at this point. Libya remains a low-lying issue and it’s probably affecting oil supply coming from Libya,” said DeHaan.
The American people are still wondering what role President Biden has on the price of what they pay at the gas pump.
“Nothing. He can’t control Kazakhstan. He can’t control Libya. He can’t control the omicron variant. A lot of people have said, ‘Well he could approve a pipeline,’ but that’s really insignificant compared to other factors I just mentioned. He doesn’t have a lever that will help alleviate the situation,” said DeHaan.
DeHaan believes even more pain at the pump is coming “in about 4-6 weeks.”
“March, April, and May are the months of the year that the stars align to create an environment that’s very conducive to larger price increases. Demand will start to dramatically rise as temperatures warm. That’s also the time when refiners do maintenance work and they’ll start to transition to summer gasoline. It could be a perfect storm that sees gas prices really starting to surge in March and lasting through Memorial Day,” said DeHaan.
DeHaan has previously said that gas prices are likely to reach $4 per gallon in Indiana sometime in 2022.
LISTEN: Full Interview with Patrick DeHaan