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The national average price for gas is likely going to be $5 per gallon soon. GasBuddy says Indiana may not be far behind.
“You may see that wrath unleashed at a pump near you soon as stations pass along the increase that we’ve seen over the last few days,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
DeHaan believes they could go as high as $4.79 or higher, depending on where you live.
“We could see gas prices reach $5 per gallon as early as June. The two main culprits are that the European Union is sanctioning Russian oil because of the war in Ukraine and several oil refineries are still shut down. Some of those refineries are shut down due to COVID, work shortages, fires, hurricanes, etc,” said DeHaan.
Even though demand is seasonally soft, DeHaan says it is still high enough to cause problems.
“The large decline in refining capacity over the last few years has meant that refiners are struggling to produce even lower amounts of refined products. This has led inventories to struggle to see any gains, boosting concern that they won’t be able to catch up. Some Americans are still staying closer to home because of how high prices are, but there are still plenty of Americans filling their tanks up on a regular basis,” said DeHaan.
DeHaan says there are things you can do to limit those painful trips to the gas pump.
“Drive more conservatively. Try to slow down a few more miles. I’m not asking you to say home but just be aware of how you consume fuel, but try to be a little lighter on the accelerator,” said DeHaan.
