Gas Prices: How the Mess in Venezuela Affects Indiana
STATE WIDE--Gas in Indiana is up nearly 14 cents from this time last week. You've been warned about some of the factors that made it go up. But, the collapse of a government in South America is adding to what you're paying here in the Hoosier State.
The state average today is $2.40, said Gasbuddy.com. Last Monday it was $2.27. In Indianapolis gas is up 16 cents. In Ft. Wayne it's up 19 cents. In the Cincinnati area it's up 7 cents from last week.
"Gasoline prices saw their biggest weekly jump of 2019 with the national average now at its highest point since mid-December as oil prices continue to advance, while such jumps are in line with expectations, that doesn't make them any easier to digest," said Patrick DeHaan, head of petroleum analysis for GasBuddy.
— Patrick DeHaan ⛽️⚠️ (@GasBuddyGuy) February 25, 2019
"The OPEC production reduction, and specifically to two OPEC members, Iran and Venezuela, sanctions upon them," said oil analyst Trilby Lundberg, "added to the long decline in output from Venezuela due to the collapse of its industry."
Venezuela's government is in flux, and the "petrostate" is no longer that, with declining exports of oil.
DeHaan predicts domestic factors will keep oil and gas prices rising through March, and maybe after that.
"Unfortunately, we're likely in store for a continued March higher into March and even April as seasonal trends kick into high gear, but there is some light at the end of the tunnel. Average gas prices should remain lower than their year ago levels for now and the annual spring surge we see at gas pumps will likely not be as bad as we've seen in years past."
PHOTO: Chris Davis/Emmis