Indiana claims nation’s fifth biggest price drop at the gas pump for 2015
INDIANAPOLIS, Ind. (December 8, 2015) — The extra “jingling” you might be hearing this holiday season isn’t just from bells being rung at celebrations, it’s also from the extra coins drivers have in their pockets from the savings at the gas pump.
Just about two weeks before Christmas, Hoosier drivers are still experiencing prices below $2.00 a gallon around much of central Indiana.
Even surrounding states are matching Indiana’s low gas prices with Illinois nudging the $2 mark as the highest of the four states while Michigan is just below Indiana with their state average of $1.80 a gallon.
The American Automobile Association (AAA) cites several things for lower prices including:
- Domestic crude oil inventories are remaining elevated compared to previous years.
- The November jobs report reflected a strengthening U.S economy, which is contributing to a strengthening U.S. dollar, which will then likely lead to an increase in the Federal Reserve interest rate.
- A strong U.S. dollar is making crude oil more expensive for those holding other currencies and is likely to keep downward pressure on global oil prices.
2015 has been a banner year for a lot of states in experiencing lower fuel prices according to AAA, with Indiana coming in fifth for the biggest overall drop since the beginning of January. Ohio had the nation’s fourth largest decline followed by Hawaii at third and Michigan at second. Alaska claims the number one spot for the biggest drop from 2014 to now, averaging $3.40 a gallon in 2014, down to $2.36 a gallon in December.