STATEWIDE–If you are considering filling up your gas tank, GasBuddy recommends waiting as long as possible to fill up. That’s because, barring any unforeseen circumstances, they are expected to keep going down.
GasBuddy says the average in Indiana is $4.12. It is supposed to be below $4 soon.
“In Indianapolis, for example, prices are at $4.11 on average, but if you shop around, you’ll find the lowest is $3.69. The average price should go under $4 sometime this week or early next week,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
Average prices are down 23 cents per gallon in the last seven days alone.
“Oil prices fell another $4.50 per barrel on Monday. The wholesale price of gasoline has moved lower on economic concerns. That’s what is driving these lower prices,” said DeHaan.
Demand for gasoline has dropped since early summer and there are concerns from consumers about a recession. Even though the recession concerns are the downside, DeHaan says the upside is that you can wait longer to pay for gas.
“Only fill up with what you need because prices are going to keep going down. Make sure you shop around. Anything under $3.80 or $3.85 is not a bad price,” said DeHaan.
If a hurricane knocks out certain oil refineries, that could drive prices up. Supply tightness in areas of the northeast could also drive prices up too. So far, neither of those things have been factors.