INDIANAPOLIS – As temperatures warm up, the process of switching over to a cleaner summer-blend gasoline is underway.
After last year’s record-breaking prices, some worry about what prices will be like later this year.
According to Triple A , the average price for a gallon of gas in Indiana is $3.42. That is slightly down from earlier this week.
Now as we head into spring and summer, experts are saying prices will start to climb but will eventually ease out by mid-June.
Part of this has to do with the switch to a summer-blend gasoline. This is required by the U.S. Environmental Protection Agency (EPA) as the gas is both cleaner and better for the environment. But it’s also slightly more expensive.
Experts with GasBuddy say we are currently in the first step of switching over to this summer-blend gasoline, and the process will be complete by June. This is also when we should expect prices to ease.
“Between now and Memorial Day, the norm is that prices will continue rising. They will peak at some point between mid-May and mid-June, and then they should ease for a good portion of the rest of the summer as summer gasoline supply continues to rise,” Patrick De Haan, the head of petroleum analysis at GasBuddy, said.
The good news is experts like De Haan are optimistic that we will not hit the $5 per gallon mark again, and there is no need to worry about any record-breaking gas prices.
There are several reasons for this, including a more balanced and steady supply of gasoline, potentially not as high of a demand, and more people being cautious with their spending in today’s economy.
“At this point, it is extremely improbable that we will see a repeat of those prices,” De Haan said. “Here we are in the spring, and Indianapolis average gas prices are still below $3.50 per gallon. There is a potential we may not even hit $4 per gallon.”
If you are looking to save at the gas pump, De Haan says it’s important to shop around and take a few extra minutes to find the gas station with the best deals. Also, many gas stations have loyalty programs you can join to save a few extra dollars every time you fuel up. Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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