Gas prices have been going down lately, but GasBuddy says you might want to plan for a price increase sometime this week.
“Now the market is focusing more on the possibility that the European Union (EU) looks closer than ever to issuing sanctions on Russia’s energy sector. So that is boosting the price of oil. My concern is that with the price of oil going back up, we could be around the corner from a potential price increase. If the EU goes ahead with this, it could bode poorly. Sanctions would put more pressure on the balance of supply and demand,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
That is why DeHaan says it is probably best to fill up as soon as you can.
“You should, especially if you can find it from one of those stations that is under $3.75 per gallon. It looks like there are a dozen stations that are under that mark. If you can find it for that price, it may not be a bad idea to hedge your bets,” said DeHaan.
Two things that have caused prices to drop in recent weeks are the increasing COVID infections in China, which has led to lockdowns, and President Biden releasing 180 million barrels from the Strategic Petroleum Reserve. DeHaan fears the news about the sanctions on Russian energy could offset those two factors.
The national average is $4.18 per gallon. GasBuddy says the average in Indianapolis is $4.04. The cheapest gas in Indiana is in Hagerstown where it is $3.52.
Oil prices started out the week below $100 per barrel. Now they are back up above $100 per barrel.