STATEWIDE-After a recent price cycle, GasBuddy believes that prices at the pump should go down in the coming days across Indiana barring any unforeseen circumstances.
“You should see prices decline for the rest of the week unless there is some major executive order from President Trump,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
DeHaan says the frigid temperatures could make things precarious all over the country.
“That’s especially the case in areas like Texas and Louisiana who don’t have cold weather like this all that often. There could be refinery issues down there, which could certainly affect gas prices in Indiana. When temperatures get this cold there can be refinery snafus,” said DeHaan.
Anytime there are issues at oil refineries, gas prices usually increase. DeHaan says we are heading into the part of the calendar where prices often go up.
“Year in and year out, they always go up starting in late winter through spring. That’s because Americans simply drive more coupled with the transition to cleaner and more expensive gasoline. There’s also refinery maintenance that often happens during this time,” said DeHaan.
DeHaan is also concerned about actions taken by President Donald Trump after he was inaugurated.
“He is going to ramp up sanctions on Venezuela, who is a major crude oil supplier,” said DeHaan.
DeHaan says he’s also keeping an eye on tariffs on Mexico and Canada that are set to take effect February 1.
“Because much of the Great Lakes, especially the largest refinery in the Great Lakes in Whiting, Indiana predominantly uses Canadian crude oil. That certainly could pose a significant threat to gas prices in the Great Lakes region as well as the Northeast,” said DeHaan.
As of this writing, GasBuddy has the Indiana gas average at $3.08 per gallon. That’s an increase of about 11 cents from this time last week.