STATEWIDE–The national average price for gas went down for 13 straight weeks, but that is a trend that appears to be changing.
GasBuddy’s Head of Petroleum Analysis Patrick DeHaan says they could be going back up soon because the Federal Reserve has hinted that it could start cutting interest rates for next year. That’s caused the wholesale price of gas to go up by about 25 cents.
“If you’re on your way home from school or work or from holiday shopping, it would be a good idea to fill your tank, especially if you can find a station that’s selling it for about $2.55 a gallon or so,” said DeHaan.
Stations also go through what’s called a price cycle that repeats every few weeks, but in the fall the cycle can last longer.
“In fact, looking at Indianapolis, the last time we saw prices do this cycle was in early November. Prices jumped to about $3.49 and since then, they have fallen over 80 cents a gallon. With the wholesale price having gone up, stations won’t have much room to go any lower because they are faced with a much higher cost of replacement. It’s a roller coaster ride. Stations will aggressively lower prices until they start losing money,” said DeHaan.
If you fill your tank up with diesel, DeHaan says there is good news on that front.
“The price of diesel continues to decrease and that should continue for the next couple of weeks,” said DeHaan.
He says prices in northwest Indiana tend to be higher than areas south of there.`
