Gas could spike 20 cents a gallon in Indiana after cold hits Texas refineries
(WISH) — Indiana motorists may want to fill up their gas tanks now; prices could rise within the next 24 hours.
An petroleum analyst said Tuesday that gas prices could rise by 20 cents a gallon as soon as Wednesday in Indianapolis as a result of cold weather affecting Texas refineries.
Patrick De Haun is head of petroleum analysis for Gas Buddy, a web-based tracker of U.S. gasoline prices. He said Tuesday afternoon in an email to News 8 that Indiana prices could range from $2.55 to $2.69 a gallon as soon as Wednesday. Gas Buddy showed the price range for regular unleaded in Indianapolis about 4 p.m. Tuesday was from $2.34 to $2.49 a gallon.
Unusual extreme cold reduced Texas refinery capacity by millions of barrels, De Haun said. The effect could mean a U.S. price increase from 10 cents to 20 cents a gallon.
How much more could prices rise? “How much we ultimately see will depend on how quickly or slowly the affected refineries can get back online. In addition, continued improvement in the COVID-19 pandemic will also likely continue to help propel demand to recovery,” De Haun said in the email.