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STATEWIDE--Gas prices have gone up again. In Indiana, some stations are now charging customers as much as $3.75 per gallon or more.
“For starters, U.S. demand is high and stocks are low. In these two weeks, these increases reverse the four cent drop that we saw in the prior two week period,” said Trilby Lundberg, publisher of the Lundberg Survey.
Lundberg says there are other factors contributing to it, one of which is the heat that is causing some refinery outages.
“Also, in the case of oil, the increase is coming from lower production from producers, especially in Russia and Saudi Arabia within OPEC+,” said Lundberg.
Patrick DeHaan, the head of petroleum analysis for GasBuddy, says you shouldn’t be surprised if West Texas Intermediate Crude oil reaches $80 per barrel this week since both gas and oil have reached their highest price point since April.
To give you an idea of the rising gas demand, it went from 8.76 to 8.86 million barrels a day, according to data from the Energy Information Administration (EIA). Total domestic gasoline stocks also decreased from 219.5 to 218.4 million barrels.
As of Tuesday morning, GasBuddy says average price for gas across Indiana is $3.49 per gallon, but that is expected to increase. One year ago, the statewide average was $4.36.
GasBuddy also reports that gas prices also went up in places like Ohio, Michigan, Kentucky, and Florida on Monday.
