DeHaan Says Don't Get Too Excited About Current Gas Prices

Jan 30, 2018

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Credit GasBuddy / GasBuddy.com

NORTHWEST INDIANA - Average retail gasoline prices in Northwest Indiana have risen just over two cents per gallon in the past week, averaging $2.50/g Sunday, according to GasBuddy's daily survey of 314 gas outlets in the Region. This compares with the national average that has increased 3 cents per gallon in the last week to $2.57/g, according to gasoline price website GasBuddy.com.

Patrick DeHaan, head of petroleum analysis for GasBuddy said as of Tuesday gasoline prices prices were looking good for the consumer, but consumers shouldn't get too excited.

"Gas prices in at least Northwest Indiana have started to come back down a little bit.  I wouldn't draw too much attention to it.  In the last week Northwest Indiana is down by about nine cents a gallon," DeHaan says. "Looking at some of the other prices around the area we're seeing similar declines, at least for the time being."

DeHaan says in the very short term prices will stay low, but they will move up eventually.

"Oil prices took a nice big drop of a dollar a barrel today (Tuesday 1/30) which may at least help with falling gas prices over the next few days but don't get too excited just yet.  I would say in the short term gas prices will probably keep inching down for the next few days before we perhaps see another one of our infamous prices hikes at least later this week or early next."

Including the change in gas prices in Northwest Indiana during the past week, prices Sunday were almost 38 cents per gallon higher than the same day one year ago and are  unchanged versus a month ago. The national average has increased almost 9 cents per gallon during the last month and stands at just under 31 cents per gallon higher than this day one year ago.