Record-high gas prices are only expected to keep going up in the coming days. All 50 states are charging people at least $4 per gallon for gas for the first time ever.
Republican lawmakers criticize President Biden for signing an executive order temporarily suspending new oil and gas leases on federal lands. Last month, the administration resumed the new leasing because of court challenges against the ban. The administration is appealing a ruling in which Judge James Cain struck down the ban.
“President Biden canceled the proposed sale of permits in Alaska. A lot of people that could immediately help. It really can’t because it doesn’t work that quickly. Not only would oil companies be fraught with challenges, political dissension, and angry Alaskans in doing that, but you have to remember the permit process takes years. Then you have drilling, exploration, and any oil that would come from the sale of leases today wouldn’t be online for at least a half-decade. It will make a difference down the road, but not today,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
DeHaan says Hoosiers will likely be seeing $5 per gallon gas soon.
“We’re already more than halfway there at $4.59. It may not be a great time to hit the road this summer with prices going up, but I do think we’ll see some relief eventually. I think the upward trend will be gradual. It won’t be every day, but it will likely be bigger chunks every week or two,” said DeHaan.
You might be tempted to fill up your gas tank even when you have above a half gas to make your trip to a gas station less expensive. DeHaan doesn’t recommend doing that.
“The weight of that fuel is going to reduce your fuel efficiency. If you’re constantly at a half to a full tank compared to a low tank, you’re going to spend more of that fuel carrying it around. It may actually be a better idea to wait until your lower on fuel, put $10 or $15 in, and then continue carrying on,” said DeHaan.
Russia’s ongoing war with Ukraine is also keeping oil and gas prices high because several nations are sanctioning Russia.
GasBuddy says the average across Indiana is $4.55 per gallon. The cheapest gas in Indiana is in Tell City which is $4.09. It is $4.54 in Indianapolis, $4.58 in Fort Wayne, and $4.57 in South Bend.
