Fuel prices across the state of Indiana took a large scale hike at the end of last week. The state average price ended up around $3.59 a gallon prompted by a gain in wholesale prices that caused a double digit per gallon increase. GasBuddy.com Senior Petroleum Analyst Patrick DeHaan says spikes in prices can be predicted ahead of time.
“What we see across Indiana is that prices generally spike like they did last week, every one to two weeks, so it’s quite predictable that these spikes happen,” said DeHaan.
Although price hikes will continue to happen, DeHann says gas prices in general should cool down as we enter into the winter months.
“Prices will get lower and the price hikes will be to lower levels. Over the next say month or two we should see that range of gas prices declining. That’s just because we are going to be moving back to cheaper winter gasoline and that will start Sept. 16th and demand for gasoline starts to take a hit as cooler temperatures prevail. Recreational use that is vacations, road trips are basically done with.”
DeHaan adds we should escape this week without another price hike. He will know more when the weekly major report comes out on Wednesday. If the report is bad, wholesale and retail prices will likely go up again.