When Gas Prices Get Too Low in Indiana
STATE WIDE--You could see gas go down even more in Indiana. Gasbuddy.com says gas is down about a dime in the state since this time last week, and there are reasons it could drop even more, despite crude oil gaining some economic strength.
Why it's going down
"The reason for the drop is that the industry, refiners, pipelines, distributors, retailers, are normalizing after great damage from both Harvey and Irma," said Trilby Lundberg, with the Lundberg Survey, which monitors gas and oil prices across the country.
Gasbuddy reported the average price for gas in Indiana was $2.32 Monday morning. The price in Indianapolis came down about 14 cents over the last week, to $2.17, on average. The average in Ft. Wayne came down about 12 cents, to $2.26.
You can now get gas for under $2 at several stations in Taylorsville and Edinburgh, where the price was $1.97.
A warning for Indiana
"While oil prices have gained momentum in the last few weeks, it will not be enough to stymie the continued decline at gas pumps, which will bring the national average down another 5-10 cents in the week ahead," said Patrick DeHaan, senior petroleum analyst with Gasbuddy.
"Impressively, some gas stations in areas of the Great Lakes have dropped their prices by as much as 30-65 cents per gallon in the last two weeks, even as the national average has dropped just half of that, thanks to intense price wars and undercutting."
But, DeHaan had a warning, especially for people in Indiana.
"Prices may temporarily bounce back up in the next day or two as stations reset their prices," said DeHaan.
Nevertheless, in the long-term, said Lundberg, you can expect the probability of cheaper gas.
"This drop is less than a third in the amount of hikes caused by Harvey and Irma. There's a long ways to go," she said.
PHOTO: Chris Davis/Emmis