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Gas prices in Indiana accelerating

INDIANAPOLIS (WISH) — Gas prices in Indiana are up 16 cents a gallon in the last week, according to AAA.

Last week the Indiana statewide average for regular unleaded was $3.56 per gallon. Today the average is up to $3.72. Gas prices have gone up daily, according to AAA.

Prices are up further from a month ago, when the statewide average was $3.35 a gallon.

Indiana is paying more than the national average, which sits at $3.64.

AAA says the culprit is the high cost of oil, which is hovering in the low $80s per barrel. The national average has risen daily since March 29.

“When the cost of crude oil crosses the $80 a barrel mark, that puts a lot of upward pressure on what we pay at the pump,” said Andrew Gross, AAA spokesperson, “and as long as oil costs remain at the current level, drivers will likely see incremental price increases for now.”

“According to new data from the Energy Information Administration (EIA), gas demand decreased from 9.3 to 8.94 million b/d last week. Meanwhile, total domestic gasoline stocks dropped slightly by 400,000 bbl to 222.2 million bbl. Lower demand would typically push pump prices down; instead, elevated oil prices have pushed them higher. If oil prices continue to rise, pump prices will follow suit,” according to AAA.

Today’s national average of $3.64 is 17 cents more than a month ago but 44 cents less than a year ago.

The site GasBuddy.com says the cheapest gas in the state is in Elkhart, Ind, at $3.19 a gallon for regular unleaded.