Hoosier Gas Prices Affected By Crude Oil, Not So Much By Barry
STATE WIDE--The state average for gas in Indiana was $2.92, Monday morning. But, that 16 cent rise in the gas average for Indiana is not because of Tropical Storm Barry. It has more to do with oil prices going above $60 per barrel, said Patrick DeHaan, senior petroleum analyst with GasBuddy.
"Prices may continue to drift higher as oil prices last week re-took the critical $60 per barrel barrier, and with U.S. oil inventories already in steep decline in recent weeks, we may see additional tightening. While the trend for most states will be rising prices again this week, there may be a brief respite in the weeks ahead as worries over global growth persist, leading the U.S. Federal Reserve to re-think cutting interest rates."
Little/no outages seen from Barry, national average #gasprice now $2.80/gal, up 4c/gal in the last week.
— 𝙿𝚊𝚝𝚛𝚒𝚌𝚔 𝙳𝚎 𝙷𝚊𝚊𝚗 ⛽️ (@GasBuddyGuy) July 15, 2019
Trilby Lundberg, with the Lundberg Survey, a company that tracks oil prices, said the rise in the national average also has to do with some enormous gas taxes going into effect, especially in our neighboring state.
"Adding to a chunk of this dime price hike at the pump, were several big tax hikes in several states," said Lundberg. "A bunch of states, including a whopper 19 cent jump in Illinois and other large ones in California and other states."
She said Barry may have cut off a couple of refineries from shipping fuel out, which could make the price go up a little bit. But, that's not likely to have any long-term effect or to affect the supply very much.
Gasbuddy reports the prices in Indianapolis and Ft. Wayne, both went up 20 cents in the past week, to averages of $2.92 and $2.97, respectively, while the average in the Cincinnati area went up 8 cents, to $2.86.
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