Indiana Gas Prices Soar, GasBuddy Weighs in on Iran Situation

STATEWIDE–Gas prices continue to rise all across both Indiana and the U.S. because of the conflict in Iran.

“The next increase for many stations in Indiana could be $3.69 or $3.79. If oil prices go up more than that, it could push prices to $3.89,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

DeHaan says Iran continues to threaten vessles and oil tankers that need to travel through the Strait of Hormuz, which is causing a disruption that is tough to overcome.

“We’re looking at a physical supply disruption via the Strait of Hormuz. This is not a situation that looks good. It’s not one that looks to change very quickly,” said DeHaan.

Northwest Indiana tends to get higher gas prices on these kinds of price cycles.

“That’s especially the case when we get to the summer blend gasoline,” said DeHaan.

DeHaan says the big thing is that the Strait of Hormuz needs to reopen.

“Gas prices could continue to rise until the Strait reopens. It’s not just gasoline, but diesel prices are also getting more heated,” said DeHaan. The national average for diesel gas is around $4.60 per gallon.

If you’re thinking about flying anywhere this spring or summer, DeHaan says you’ll need to be cautious on that front too.

“You may want to think about getting your airfare sooner because airlines are getting obliterated by jet fuel prices,” said DeHaan.

Indiana Gas Prices Soar, GasBuddy Weighs in on Iran Situation was originally published on wibc.com