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Pumping gas at gas pump. Closeup of man pumping gasoline fuel in car at gas station. Man's hand refueling car at gas station

Source: (Photo: stefanamer/Getty Images)

STATEWIDE–Gas prices have been falling lately throughout Indiana.

A lot of that is because demand for it has been “shrinking” says Trilby Lundberg. She’s an oil and gas analyst for the Lundberg Survey.

“Demand even shrank during the Memorial Day period. So, refiners and competitors supplying us with the gasoline we need are chasing sales like crazy,” said Lundberg.

She says regular grade gasoline on the national level is averaging $3.58. GasBuddy has the Indiana average at $3.31.

“It’s dropped about 12 cents in the past three weeks and a total of 19 cents in the past seven weeks,” said Lundberg.

Patrick DeHaan, head of petroleum analysis for GasBuddy, said Monday morning that he expects more price drops ahead of July 4 for both gasoline and diesel prices.

“Not only have gasoline prices plummeted in nearly every state in the last week, but nearly every state has also seen prices drop compared to a month ago. With the declines, Americans will spend roughly $425 million less per week on gasoline than a year ago. In addition, the price of diesel has fallen alongside gasoline to its lowest level since Russia’s invasion of Ukraine in early 2022,” said DeHaan.

DeHaan says over the next seven days, U.S. consumers will spend about $500 million less on gas than they did a year ago.

He says diesel prices are the lowest they have been since early 2022.