IndianaLocalMichiganNews

Gas prices continue to rise well above $4 mark at some pumps in Michiana

(Photo supplied/Jon Zimney)

The national average price for regular gas hit $4 for the first time since 2008, Saturday evening. The average price in Indiana was $3.96 per gallon, reported Gasbuddy.com.

In the South Bend area, some stations jumped to price up to $4.35 a gallon by Saturday night.

Gas could still be found in some cities for under $3.40, such as in Sullivan, where one station reported having it for $3.34, and in Ro9chester, where one station had it for $3.35.

In the past week gas prices have spiked 41 cents, going up 15 cents on Friday alone.

The all-time record in $4.109 per gallon. Gasbuddy predicts gas prices will keep rising and you could see a new record high set.

The spikes this week are due to sanctions on Russia and its inability to export oil. Russia is responsible for about 10 to 12 percent of the international oil market.

Tuesday Pres. Biden announced the U.S. would be releasing about 30 million barrels from strategic reserves to help combat rising prices. Sixty million barrels were expected to be released around the world.

Other gas milestones, according to Gasbuddy:

• June 8, 2008: $4/gal is seen for the first time

• July 17, 2008: All time record high is set at $4.103 per gallon

• May 12, 2021: $3/gal average seen for the first time since 2014

“This is a milestone that was hard to imagine happening so quickly, but with bipartisan support of severe sanctions on Russia, is not exactly surprising – it is the cost of choking off Russia from energy revenue,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “As Russia’s war on Ukraine continues to evolve and we head into a season where gas prices typically increase, Americans should prepare to pay more for gas than they ever have before. Shopping and paying smart at the pump will be critical well into summer.”

Related posts

Michigan high school coaches will need CPR, AED certification

Suspect arrested, charged in connection to November 2023 homicide in South Bend

Jon Zimney

New program provides healthy summer meals for Indiana students

Joe Ulery/Indiana News Service

1 comment

John Gee March 7, 2022 at 4:22 pm

I sure can use some mean tweets right now and low cost gasoline.

Reply

Leave a Comment