INDIANAPOLIS – Prices at the pump hit a record in February, according to experts.
University of Indianapolis associate professor of finance Dr. Matt Will said the price has been the highest we’ve ever seen.
“We’re about $3.85 a gallon, (which is the) average in Indiana. We have never seen this high of a price in February so far,” Will said.
He said the economy likely played a role.
“There’s no excuse for the prices to be this high other than a bad economy,” Will explained. “There isn’t disruption anywhere in the world. We don’t see problems with oil refineries right now. We do have one issue and that was we closed three oil refineries on the east coast last year so that’s having a little bit of an impact.”.
Will predicts the price of gas could go up significantly during the next couple of months.
“People had better be prepared to pay a lot of money this summer,” Will cautioned. “Gas prices always go up in the summer so when people begin to travel, they’re going to pay money. So, while we’re at $3.85 a gallon now, you may see $4.50 a gallon or more come the middle of summer.”