Gas prices have fallen in the region, but industry analysts warn the trend could be short-lived as more people hit the road for travel as the weather improves.
Last week in northwest Indiana, gas prices averaged $4.35 per gallon in Lake, Porter and LaPorte counties and $4.23 per gallon in Newton, Jasper counties , Starke and Pulaski, according to GasBuddy.com.
The average gas price fell to $4.26 per gallon in Lake County; $4.28 per gallon in Porter County; $4.19 per gallon in LaPorte County; $4.29 in Pulaski County; and $4.15 per gallon in Newtown, Jasper and Stake counties, according to GasBuddy.com.
Nationally, the average gasoline price fell from a record $4.33 a gallon on March 11 due to Russia’s invasion of Ukraine, but has since fallen to 4 $.25 per gallon. The decline followed a drop in the price of crude oil, which fell from $20 a barrel to $105 a barrel.
Gasoline demand also fell from 8.96 million barrels per day to 8.94 million barrels per day, which contributed to lower prices at the pump.
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“Usually at this time of year, with warmer weather and longer days, we see an increase in demand for gasoline as more and more people hit the road,” Molly Hart said. , spokesperson for AAA – The Auto Club Group. “But we had a slight drop in demand last week, which may be due to higher pump prices. In our new driver survey, 59% said they would change their driving habits or lifestyle if the cost of gas hits $4 a gallon And if gas were to hit $5, which it has in the west, three-quarters said they would have to adjust their way of life to offset the price at the pump.
Gas prices, however, remain high. People are paying 72 cents a gallon more than a month ago and $1.37 more than a year ago.
“GasBuddy last week predicted a high for the National Average Gasoline Price, and indeed, for the first time in 12 weeks, the National Average Gasoline Price has declined. the decline is still subject to changes in global supply and demand, COVID and Russia’s war on Ukraine, we are set to see additional downdrafts at the pumps this week,” said said Patrick De Haan, Head of Petroleum Analysis at GasBuddy.
“So far, gasoline demand has shown absolutely no signs of abating under the pressure of higher prices, even as California nears an average of $6 a gallon, with spring break in If things get worse, with more oil kept out of world markets, it’s not impossible that gasoline prices will have to rise significantly still for Americans to start curbing their insatiable demand for gasoline. .