STATEWIDE–Gas prices in Indiana should continue to go down this week, says GasBuddy.
The Organization of the Petroleum Exporting Countries (OPEC) decided to cut oil production on Monday.
“This cut will likely have a very negligible if any impact at all on gasoline. They cut oil production by 100,000 barrels per day, but that’s a relatively small drop. Keep in mind that the last increase was also for 100,000 barrels per day,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
DeHaan says gas price movement is contingent upon “where you are.”
“There are multiple trends going on throughout the country. The West Coast is seeing some refinery kinks, so prices are going up there. The Great Lakes and the Midwest just having that BP refinery come back on line may see some price decreases,” said DeHaan.
DeHaan is referring to a BP refinery in Whiting, Indiana that was knocked offline briefly, but has since resumed normal operations. It’s because of that refinery being back online that he believes most places should see gas price decreases this week.
“Because of that, I do think it would be best to wait to fill up in Indiana. As for the next price cycle (when stations could go up), I think it’s too early to tell. It could be next week, but it all depends on when stations lower prices,” said DeHaan.
DeHaan says the national average has declined for the 12th straight week. That’s the longest decline on record since 2018.
LISTEN: Full interview with Patrick DeHaan