Fuel Prices Spike, Where They Might Go From Here

by | Feb 8, 2022 | Indiana Agriculture News, News Feed

For the sixth straight week, the nation’s average gas price is up. According to AAA, as of Tuesday, it stands at $3.45 per gallon for regular unleaded. Indiana unleaded gas is a dime cheaper at $3.35, a dime higher than a week ago and 99 cents higher than a year ago.

Indiana diesel averaged $3.87 on Tuesday, 16 cents higher than a week ago and over a dollar higher than a year ago.

Patrick De Haan, an analyst with GasBuddy, says that we should expect even more price increases with larger jumps coming later this spring, “as a confluence of seasonal factors and the potential flare up in geopolitical tensions.”

Gas prices saw their sharpest rise in months last week as crude oil surged to $93 a barrel on continued concerns over Russia invading Ukraine, giving traders concern there won’t be enough supply to meet demand come this summer.

US crude futures for March delivery did fall sharply in Tuesday trade, down $1.96 to $89.36 a barrel, as traders monitored talks aimed at returning Iran to an international nuclear accord and allowing them to resume crude exports.

De Haan warns that the national average could push to record territory by the start of the summer driving season.

Source: NAFB News Service

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