IndianaLocalMichiganNews

Analysts: Gas prices still dropping, will likely drop more next month

The average price for gas across Indiana is $2.10 per gallon, according to GasBuddy. That is down five cents from where it was this time last week.

Patrick DeHaan, head of petroleum analysis for GasBuddy, says this is not the time to panic on gas prices.

“All eyes are on the Gulf of Mexico as two tropical systems head toward a sensitive area for the oil industry, and while these storms bear monitoring, they thankfully are unlikely to have a major impact on gas prices that for the eighth straight week have been mostly quiet,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “While Hurricane Marco and likely-soon-to-be Hurricane Laura churn in the Atlantic, current forecasts show limited ability for them to turn into a major hurricane. We should be able to weather both of these storms, barring a major increase in peak intensity. In addition, with gasoline demand still weak due to COVID-19, there’s ample capacity for refineries that are not in the path of the storms to raise output should the situation warrant it.”

GasBuddy says the lowest price for gas in South bend is $1.84/gallon. The average price for gas in South Bend is $2.02/gallon.

Trilby Lundberg, oil and gas analyst of the Lundberg Survey, says demand for gas usually decreases in September anyway.

“But this year will be much bigger because of schools not opening,” says Lundberg.

The national average for gas is $2.18.

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