Gas Prices Jump 22 Cents; Indiana Well Above National Average

STATE WIDE–Gas in Indiana is up 22 cents since last week, reported Gasbuddy.com. The state average Monday morning was $5.22 per gallon, while the national average surpassed $5 per gallon and sat at $5.01.

For Indiana gas prices were up around 80 cents since one month ago and $2.20, per gallon in a year’s time.

Ft. Wayne had one of the largest increases for the week, at 32 cents per gallon, with an average of $5.23 per gallon, while it remained at $5.08 in the area of Indiana around Cincinnati.

Gasbuddy’s head of Petroleum Analysius, Patrick DeHaan, predicted the rise in prices will likely slow, but the price is highly volatile.

“For the first time ever, last week saw the national average reach the $5 per gallon mark, as nearly every one of the nation’s 50 states saw prices jump. For now, the upward momentum may slow down, but prices are still just one potential supply jolt away from heading even higher,” said DeHaan.

“Gasoline demand, while rising seasonally, is still well below previous records, but remains impressive with prices in all states at record levels. Should the rise in price finally start to slow demand, we could see some breathing room, but for now, it seems like Americans are proving resilient to record highs.”