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INDIANAPOLIS — Consumers nationwide feel the pinch of increasing inflation, largely due to rising gasoline prices. But what’s behind the stubbornly high gas prices in Indiana?
Patrick De Haan, head of petroleum analysis at Gas Buddy, explained the situation during an interview with “Daybreak” anchor Jeremy Jenkins.
“Travel like spring break, Easter, and the eclipse pushing demand higher and refinery maintenance happening — all at the same time — has been behind the jump in prices,” De Haan told WISH-TV.
Recent geopolitical events have also played a role. “Over the weekend, we saw Iran attack Israel, which caused a dip in oil prices this morning,” he explained.
According to Gas Buddy, the average price for a gallon of regular gas in Indianapolis was $3.53 as of Monday morning.
“I think, for most of the summer, we’re going to look at prices in the mid-$3 range, not too far away from where they are now.”
De Haan highlighted a convergence of factors contributing to the current price surge: increased travel during events like spring break, Easter, and the eclipse, alongside refinery maintenance. “All of these factors occurring simultaneously have driven up prices,” he noted.
He predicted that prices would likely continue to rise for a few more weeks before reaching a peak sometime in spring. Looking ahead to summer, he anticipated prices hovering around the mid-$3 range, with refineries completing maintenance and ramping up gasoline output.
De Haan also mentioned that the Federal Reserve is closely monitoring the situation. “Expect the Fed to discuss potential cuts later this year. However, they’ll tread carefully as premature cuts could reignite economic overheating,” he cautioned.
In the meantime, De Haan advised Hoosiers to seek out cost-saving measures at the pump. “The simplest approach is to utilize tools like the Gas Buddy app, Google, or other resources to find cheaper prices nearby.”
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Hoosiers Experiencing the Squeeze of Rising Gas Costs was originally published on wibc.com
