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GasBuddy predicts some Indiana gas prices could fall below $3 next year

Gas Prices
Posted at 12:34 PM, Oct 20, 2022
and last updated 2022-10-20 12:34:04-04

Ind. — A new analysis from GasBuddy found that gas prices are falling in Indiana, and could drop below $3 by next spring.

Patrick De Haan, GasBuddy Analyst, tells WRTV that after restoration and maintenance at two nearby refineries in Whiting, Indiana and Oregon, Ohio, Indianapolis gas prices have dropped. Both refineries were damaged by fires.

"The average in Indianapolis [is] now $4.02 a gallon; that's down about 15 cents a gallon in the last week. We could be heading for the mid threes as long as there are no new refinery issues," De Haan said.

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De Haan says President Biden's Wednesday announcement regarding the release of 15 million barrels of oil from the U.S. Strategic Petroleum Reserve was oil already slated for release.

He expects prices to continue to moderate into Thanksgiving and by the end of the year, gas could be in the low to mid $3 range.

"Again, as long as we can avoid some of those unexpected refinery disruptions, it's not impossible that maybe there could be a couple of stations in Indiana that could fall under $3 a gallon by springtime again," De Haan said. "That might be like the needle in the haystack, but we should see lower prices continuing over the coming weeks."