Indiana Gas Prices to Rise

INDIANA - According to GasBuddy.com, average retail gasoline prices in Indiana have risen 5.7 cents per gallon in the past week, averaging $2.66/g today as stations pass along a rise in wholesale prices.

While gasoline prices have risen in the past week, prices are some 84.9 cents per gallon higher than a year ago. "The timing of higher prices couldn't be worse for consumers, hit by high jobless numbers and a bruised economy," says GasBuddy.com Co-Founder Jason Toews.

Oil prices surpassed $80 per barrel recently, rising as a spell of cold weather has gripped much of the country. GasBuddy.com Senior Petroleum Analyst, Patrick DeHaan, adds "Retail gasoline prices have some catching up to do as wholesale costs have risen. We will see retail prices increase five to ten cents per gallon over the next week."

DeHaan also voices concern about the future, saying "there will be several factors that will cause gasoline prices to increase to uncomfortable levels in the Spring and Summer months."

DeHaan says that overall oil demand dropped in 2009, resulting in excess production of gasoline and other products. "This resulted in refineries closing indefinitely as profitability dropped- an issue that will cause prices to spike over $3 per gallon when the economy improves."

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GasBuddy.com operates over 200 live gasoline price-tracking websites, including IndianaGasPrices.com. GasBuddy.com was named one of Time magazine's 50 best websites and to PC World's 100 most useful websites of 2008.