Gas prices are the highest they have been since 2014. Relief at the gas pump doesn’t appear to be happening anytime soon.
One of the main factors for that is OPEC’s decision to not raise oil production more than it agreed to in July.
“The OPEC decision caused an immediate reaction in oil prices, and amidst what is turning into a global energy crunch, motorists are now spending over $400 million more on gasoline every single day than they were just a year ago. The problems continue to relate to a surge in demand as the global economy recovers, combined with deep cuts to production from early in the pandemic. If Americans can’t slow their appetite for fuels, we’ve got no place for prices to go but up,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
Trilby Lundberg, oil and gas analyst for the Lundberg Survey, agrees with DeHaan.
“This rise in crude oil prices implies that we may have further price increases from crude oil if crude doesn’t retreat very quickly,” said Lundberg.
In October 2020, GasBuddy the average price for gas across Indiana was $2.11 per gallon. The national average was $2.16. In October 2021, GasBuddy says the statewide average for gas is $3.25. The national average is $3.31.
The average is $3.25 in South Bend, $3.26 in Fort Wayne, $3.24 in Indianapolis, and it is $3.14 in Evansville. The cheapest gas in Indiana is in Evansville where it is $2.85.