Indiana Fuel Prices Continue to Skyrocket

by | Mar 8, 2022 | Energy, Indiana Agriculture News, News Feed

Indiana fuel prices continue to skyrocket as the war in Ukraine surges on. On Tuesday, the average price across Indiana for regular unleaded gas jumped to $4.14 a gallon. That’s $0.60 higher than a week ago and $1.43 higher than a year ago. Indiana diesel prices have jumped $0.70 in a week, averaging $4.77 on Tuesday.

According to AAA, we are rapidly approaching Indiana’s highest recorded average price of $4.25 a gallon on regular unleaded and $4.84 on diesel.

California has the highest average price of both unleaded ($5.44/gallon) and diesel ($5.83).

The rise of crude oil prices is the driving force behind rising fuel costs. Those prices continued higher on Tuesday after President Biden announced a ban on imports of Russian oil. West Texas Intermediate crude for April delivery finished up $4.30 on Tuesday to settle $123.70 a barrel after trading over $129 earlier in the day.

American Farm Bureau Federation President Zippy Duvall sent a letter Tuesday to President Biden asking him to take the necessary steps to address high energy costs. Over the past 15 months, oil prices have increased by 130%.

Duvall wrote, “As Russia’s harmful actions in Ukraine continue and further sanctions are imposed against Russia, oil prices will likely continue to rise, creating even higher consumer costs and threatening U.S. energy and economic security.”

AFBF is asking the administration to remove barriers to domestic energy production including increasing the production of biofuels, which have reduced America’s dependence on foreign crude oil while creating jobs in rural America.

“By displacing imported petroleum, increased biofuel use and domestic energy production will enhance U.S. security and independence while supporting America’s farmers and rural economies,” said Duvall.

Farm Bureau says that achieving domestic energy independence through comprehensive energy sources remains a priority issue. They are committed to working with the administration and leaders in Congress to address the energy crisis.

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