Gas price watchers predict pump prices will continue to decrease

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The state average price for gas was $2.02 Monday morning. But, that price likely won’t stay the same for long. Gasbuddy and the Lundberg Survey both predict gas prices are going down.

“The average gasoline price edged up nearly two cents in the past three weks. But, this is very unlikely to continue,” said Trilby Lundberg. “Recently crude oil prices dropped. We still have much more gasoline than we need, and September is a big drop off in demand.”

Gas in Indiana is down about a nickel from last week, said Gasbuddy.

“Seasonal factors, as expected, are pushing gas prices down in most areas across the country. In addition, oil prices have hit a rough patch on renewed concerns about the economy and falling demand, leaving motorists the beneficiaries for the next few weeks,” said Patrick De Haan, head of petroleum analysis for Gasbuddy.

DeHaan agreed with Lundberg, something that doesn’t always happen.

“No one should be in a rush to fill up as prices will likely continue to trend lower, especially as the summer gasoline requirement ends on Tuesday, ushering in cheaper to produce winter gasoline and a return to less fragmentation in supply since winter gasoline is common nearly coast-to-coast, making it less of a headache to produce fuel since it can be used universally.”

Gas was down eight cents in the last week in the Ft. Wayne area, and also the Cincinnati area. In South Bend, the lowest price for gas is $1.75 a gallon. The average price for gas is $1.97 a gallon, according to Gasbuddy.

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