STATEWIDE–Gas prices went up slightly last week, but it might be a good idea to wait until later this week to fill up your tank.
“We did see a price bump last week to $2.19 at most stations. It was our first increase in several weeks, at least,” says Patrick DeHaan, the head of petroleum analysis for GasBuddy. “But already since then, prices have started to go back down a couple of cents a gallon. It should spend most of the week declining slowly, so waiting to fill your tank is not a bad idea.”
When the coronavirus situation improves, gas prices and demand tend to go up. While it may appear that gas and oil prices are fluctuating, DeHaan says he has seen signs that demand is growing.
“GasBuddy Gasoline Demand Data showed that last week’s gasoline demand improved by about 2%. I do think we’ll see demand continue to go up. Perhaps we are rounding a corner, where prices may start drifting higher for the next few weeks as well,” says DeHaan. “Should demand continue to rebound, its only natural that with less oil on global markets, prices are likely to drift to the upside if the situation continues to improve.”
DeHaan says gas prices typically go down in September, but September of 2020 could be much different.
“If the situation with the coronavirus continues to improve, we could see demand going up into the fall compared to the very low levels of the summer. We’re still 15% lower for gasoline demand than last summer, but it’s still unknown because we are in uncharted territory here,” says DeHaan.
DeHaan says northwest Indiana tends to have more expensive gas prices.
“It’s the only part of the state that requires a different blend of gasoline for the summer than the rest of the state tends to be more pricey. Prices in the southern tier of the state like Bloomington or Evansville tend to be a little bit lower. That could be because of competition with Kentucky,” says DeHaan.
GasBuddy says the statewide average for gas is $2.15 per gallon, which is an increase of four cents from this time last week. In Indianapolis, the average is $2.14. It’s $2.18 in Fort Wayne and $2.03 in Evansville.
For the latest gas prices, go here.