INDIANAPOLIS, Ind. – Gas prices in Indiana rose dramatically in the last week and some analysts believe the prices could continue to rise.
Gas Buddy’s Head of Petroleum Analysis wrote in a statement that he believed Hoosiers could see gas prices as high as $2.95 in 2018.
“Nowhere in the country have motorists seen gasoline prices rising as fast as they have in the Great Lakes in recent days,” Gas Buddy’s Patrick Dehaan wrote. “Michigan, Indiana, Ohio, Kentucky and Illinois have been particularly hard hit this week and gas prices may soon rise to their highest since 2015 due to several issues.”
The main issue is just a lack of supply, according to Dehaan.
Hurricane Harvey impacted refineries in the south and impacted the amount of oil that was able to be moved to the Midwest.
In addition, a major pipeline used to transports gas from the Gulf Coast region had a leak last week that also contributed to the lack of supply.
“So there is a domino effect if one thing goes wrong here, it’s going to trickle down the pipeline so to speak,” AAA Hoosier Motor Club Spokesman Greg Seiter said. “And this is really the perfect storm for that sort of scenario right now.”
According to AAA, the average price of a gallon of gas on Thursday was $2.72, compared to $2.61 Wednesday and $2.05 this time last year.
“Oh I couldn’t believe (the gas prices),” Driver Patrick Horn said. “I mean like two weeks ago gas was down to like $2 a gallon and now all of a sudden it’s up to $2.80.”
While you can’t entirely stop driving, Seiter with AAA said there are a few things you can do to limit your gas usage.
“Watch your own habits,” he said. “Drive a little slower, don’t accelerate as hard, don’t load your car down if you’re running errands and try to combine multiple errands into one trip.”