STATEWIDE–The nation’s average gas price has fallen for the thirteenth consecutive week. The same can be said for prices in Indiana, but GasBuddy is issuing a word of caution.
“We continue to see the national average price of gasoline decline. But, we’re seeing drastically different price behaviors from coast to coast, with some areas seeing noticeable increases while others are seeing decreases,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
He says supply remains tight for the East Coast with some modest moves up, while prices continue to edge lower in the Plains, South, and areas of the Great Lakes.
“For now, I believe the drop in prices will overpower the increases, leading to potentially another decline this week, but we’re in a very fragile time and certainly could see a broader move higher in the weeks ahead,” said DeHaan.
Trilby Lundberg, oil and gas analyst with Lundberg Survey, says the drop in demand is also keeping prices lower.
“Not only is our demand for gasoline weak, we have a big drop off for demand seasonally during this time of year. The lessening of the restrictions on vapor pressure, in other words, the summer blend, which costs more to make, comes to an end,” said Lundberg.
Even with that, prices are still 61 cents higher on average than they were a year ago. Diesel prices remain $1.75 higher per gallon than a year ago.