INDIANAPOLIS – Travelers should expect to pay higher gas prices during Labor Day weekend.
According to Indianagasprices.com, the average price in Indiana for Friday was $3.72. The site said the price was $3.98 around the same time this year.
Matt Will, an associate professor of finance at the University of Indianapolis, said people are paying about the same or a little bit less than last year. But, Will said, Hoosiers should expect prices to keep surging.
“Unfortunately, there’s kind of a perfect storm of bad news right now in addition to high demand, which always happens throughout Labor Day. We also have trouble in the Middle East and that’s causing oil prices to go up,” Will said.
Will is referring to the turmoil in Syria, a crisis that he believes will keep prices high through the holiday.
“Unfortunately, the primary routes to vacation spots (cause) prices (to) go up and all along the route, you’ll be paying an awful lot of money for gasoline. (Prices) won’t come down until after the holiday’s over,” Will said.
Will said there is some good news down the road, as long as nothing changes. He said the forecast for the price of oil is expected to drop through June, which means so should gas prices.