With oil prices dropping, GasBuddy predicts there will be a continuing decrease in gas prices in the coming days.
“The price of wholesale gasoline has plummeted to its lowest since August. That is opening the door for a fall in gas prices just ahead of Thanksgiving,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
DeHaan believes there are two significant factors affecting the drop in oil prices.
“First and foremost, the fact the COVID cases are starting to rise in the U.S. and abroad as well, which has some countries restricting travel. That is going to have a negative impact on oil demand. Secondly, it does appear that President Biden has coordinated several countries to jump on board to release crude oil from strategic reserves. That could flood the market, at least temporarily, with an additional supply of crude oil,” said DeHaan.
DeHaan believes many places in Indiana could get a 10-25 cent drop in the coming week.
“For example, in Franklin, there are already stations that are under $3 per gallon. I think we will see several stations in Indianapolis falling back under $3. If you don’t need gas, avoid filling up because prices will be declining for a good portion of this week,” said DeHaan.
If you are driving somewhere for Thanksgiving, DeHaan urges you to “shop around.”
“Prices are a little lower east of Indianapolis, but they’re a little higher if you go to Carmel or Lafayette. Bloomington is a little higher as well. If you’re headed out on I-70 towards Terre Haute, prices are a little lower,” said DeHaan.
Even though the situation can always change, DeHaan thinks the drop in gas prices “could last several weeks.”