Gas Might Not Go Back Up, Too Much
STATE WIDE--Indiana's gas prices are back close to the national average after spending several days at almost a dime higher, said gasbuddy.com. The average for a gallon of regular Monday morning was $2.36.
The national average was at $2.35.
The Lundberg opinion
"It's up nearly eight cents over three weeks. But, the pace of this increase is not likely to be repeated," said oil expert Trilby Lundberg, who runs the Lundberg Survey. They keep up with oil and gas prices and what makes them go up and down.
"Crude oil prices are the main reason for higher gas prices, but they are up in part because of a falling dollar," said Lundberg.
Experts at gasbuddy.com, also blamed the higher prices over the past month on higher demand.
"There doesn't seem to be any significant change in the overall crude oil supply," said Lundberg, predicting that prices would not jump again soon.
The cheapest gas in the state was in Lafayette, where one station was selling it for $2.17.
The Gasbuddy viewpoint
#GasPrices appear close to catching up to $49 oil, but keeping an eye on Venezuela, inventory data and hurricane season for bullishness.
#GasPrices appear close to catching up to $49 oil, but keeping an eye on Venezuela, inventory data and hurricane season for bullishness.— Patrick DeHaan ⛽️ (@GasBuddyGuy) August 11, 2017
Gasbuddy's weekly report said gas was up 24 cents over this time last year.
"For the fourth straight week gasoline prices have risen, pushing the national average this week to its highest level of the summer so far," said Patrick DeHaan, senior petroleum analyst for GasBuddy.
"There are some signs, however, that we may be nearing a short-term peak as the climb in gasoline prices has begun to slow. The number of states seeing gas prices decline versus a week ago rose to its highest level in three weeks, a sign that gas prices have in these areas have caught up to the rise in oil prices."
"While that sign alone doesn't guarantee lower prices, it suggests that fewer price increases are in store as stations await oil's next move. Last week saw oil prices fluctuate little until Friday, when prices fell and closed the week under $49 per barrel, with many 'wait and see' factors weighing on the market, such as the Venezuela situation, hurricane season and declining U.S. oil inventories."
PHOTO: Chris Davis/Emmis