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INDIANAPOLIS — Gas prices are ticking higher in the Midwest and right here in Indiana. According to AAA, the national price for a gallon of gas as of May 31 is $4.622. In Indiana, that average is $4.603.

Near Chicago, gas prices are already averaging above $5 a gallon. And, according to experts at GasBuddy, that’s what we’ll all be paying soon.

“After several weeks of soaring gas prices, last week saw prices nationally slow down ahead of Memorial Day, but I’m afraid the good news ends there,” said Patrick De Haan, head of petroleum analysis at GasBuddy. DeHaan says drivers in the Great Lakes could see prices jump early this week to new record highs. He said, “Odds are rising that we’ll eventually see the national average reach that dreaded $5 per gallon.”

GasBuddy reports oil prices are up significantly because the EU approved a “slow-moving curb on Russian oil”.

GasBuddy graph showing May gas prices in Indiana, Indianapolis and US

Saving Money on Gas Prices

So with gas about to reach $5 a gallon, what’s the best way to save? GasBuddy has three tips.

  1. Shop around for the best prices
  2. Use a gas card and loyalty programs
  3. Pay attention to where and when you buy – Mondays tend to be the cheapest day to fill up