Local expert predicts higher gas prices
INDIANAPOLIS – Gas prices have jumped about 10% this month, making it the worst February ever, and one local expert said prices are only going to get worse.
“It’s painful,” said Julie Jones who lives just north of Indianapolis. In fact, she downsized and got a smaller car so she could save gas money. But she has been finding herself still thinking ahead.
“It does force me to kinda think before I go and drive places,” she explained. “Do I need to go here? Can I do all my stops one day so I don’t have to drive out the next day?”
Some energy experts predict relief is on the way as work on refineries wrap up and supply increases. However one local expert called that prediction “premature.”
University of Indianapolis business associate professor Dr. Matthew Will said prices will depend on an economic report due out this Friday.
“There’s some GDP figures that will be out and if the GDP is up and if they revise the last quarter, then that could mean prices could actually go up, because… an expanding economy causes a demand pressure that pulls up the price of gasoline.”
He also warned that if the country keeps hitting records, summer is going to hurt much worse.
“Our summer record is about $4.50 a gallon so if we keep hitting highs, we might be over $4.50 a gallon.”