STATEWIDE–Gas prices have reached an all-time high. GasBuddy says both the national average and the average in Indiana are $4.36 per gallon.
Patrick DeHaan, head of petroleum analysis, for GasBuddy says there is “little, if any, good news about fuel prices heading into the summer.”
“Liquid fuels have turned into liquid gold, with prices for gasoline and diesel spiraling out of control with little power to harness them as the imbalance between supply and demand globally continues to widen with each passing day. Russia’s oil increasingly remains out of the market, crimping supply while demand rebounds ahead of the summer driving season,” said DeHaan.
After prices spiked in March, they decreased slightly. Prices began to rise again over the last few weeks as the odds of the European Union sanctioning Russian oil increased.
“The problem could become worse should we see an above-average hurricane season, which could knock out refinery capacity at a time we badly need it as refined product inventories continue to plummet,” said DeHaan.
The average price of diesel fuel is also at a new all-time high of $5.53. The cheapest gas in Indiana is in Terre Haute where it is $3.85. The average is $4.33 in Indianapolis, $4.20 in Evansville, and $4.37 in Fort Wayne.
