Gas prices have been going down lately, but that is not expected to last very long.
You have probably been noticing your neighborhood gas station’s prices showing a small decline.
“While the decrease could be short-lived, it is nonetheless a well-needed break from the large surge in gas prices we’ve experienced over the last few weeks. The situation remains fluid, and escalations remain very possible, if not likely. For now, a $4.50 per gallon national average is off the table, but it certainly could be a future possibility as long as there is a conflict between Russia and Ukraine,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
The Russia-Ukraine conflict has been going on for nearly 3 weeks.
“The stage was set in a way for there to be a jump in oil prices in extreme tension from an event. The invasion of Ukraine was it,” said Trilby Lundberg, oil and gas analyst for the Lundberg Survey.
Lundberg sees things trending in a similar direction that DeHaan does.
“We could have an extreme price hike from here. We could also have a pause. The only thing we’re unlikely to see is a big decline in prices,” said Lundberg.
Last Thursday, GasBuddy said the statewide average was $4.26. The average was $4.24 across Indiana Monday morning. The cheapest gas in the state is in Veedersburg where it’s $3.84.
The average is $4.24 in Indianapolis, $4.22 in Fort Wayne, and $4.16 in Evansville.
