Gas Prices Took a Dip So-Far This Week

Mar 5, 2018

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NORTHWEST INDIANA - Average retail gasoline prices in Northwest Indiana have fallen just over 6 cents per gallon in the past week, averaging $2.39/g Sunday, according to GasBuddy's daily survey of 314 gas outlets in Northwest Indiana. This compares with the national average that has increased almost one cent per gallon in the last week to $2.52/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Northwest Indiana during the past week, prices Sunday were 15 cents per gallon higher than the same day one year ago and are just over 16 cents per gallon lower than a month ago. The national average has decreased just over 8 cents per gallon during the last month and stands 21 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on March 5 in Northwest Indiana have ranged widely over the last five years:  From $1.80/g in 2016 to $3.71/g in 2013.

Dan McTeague, senior petroleum analyst for GasBuddy says despite the rough ride crude oil received in the latter half of last week, gasoline prices managed a rally, pushing the national average for the week into positive territory for the first time in a month.

He says March comes in like a lamb but goes out like a lion. Oil aside, there are early indications that gasoline prices are about to strengthen helped by a noticeable number of refineries out for maintenance and a stronger demand outlook than we saw last year.