A gas pump price spike predicted due to vaccine success

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Gas prices are about to go up in the coming days across Indiana. GasBuddy says an upcoming price hike and positive news about coronavirus vaccines are the two biggest reasons for that.

“The news on the vaccine trial bodes well for a return to normal. With that, markets advanced and oil prices advanced. As the news on coronavirus goes, so goes gas prices. If the news is positive, it means higher prices. If there is some negative news that comes out before the vaccines are released, that means lower prices,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

DeHaan said falling retail prices even as oil prices have surged mean that there will likely be a price increase sometime this week.

“It would be somewhere in the neighborhood of $2.19 and $2.29 per gallon,” said DeHaan. “This happens every 10 days or so. After it shoots up at some point this week, it’s likely to start inching back down by a few cents of gallon every day. They’ll keep slowly coming down again until the next hike.”

DeHaan recommends that you fill up your gas tank sooner rather than later.

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