Indiana News

Indiana average gas price soars above $5 a gallon

INDIANAPOLIS (WISH) — Indiana’s average price for a gallon of regular gas on Monday soared above $5, according to GasBuddy.

News 8 found lines at numerous gas stations in the Indianapolis area that hadn’t yet raised the price to $5.25.

The average price at 8:50 p.m. Monday of $5.19 a gallon also broke the state’s record for the sixth consecutive day. That price was 19 cents more than Sunday, 59 cents more than a week ago, 97 cents more than a week ago, and $2.13 more than a year ago.

The Indiana average price had briefly hit $5 on Sunday, but ended the day just a penny short of that mark.

The WISHTV.com gas prices map showed some stations in Indianapolis on Monday afternoon with prices as high as $5.25 a gallon in all parts of the city. Marion County’s average Monday for a gallon of regular was $4.99. Of Indiana’s 92 counties, Porter County had the highest average, $5.50. Neighboring Lake County had the second-highest average, $5.43, and LaPorte County was at $5.32.

Indiana drivers currently pay two gas taxes: a 7% state sales tax and a tax directed to infrastructure projects. The road projects tax is set to increase by a penny to 33 cents per gallon in July. Hoosiers also pay a federal gas tax.

Maksym Chepeliev, a research economist for the Center for Global Trade Analysis at Purdue University, said high state taxes are just one reason why Indiana’s prices are climbing faster than other states.

“We do have two oil refineries but they supply a relatively small share of state consumption, so essentially everything needs to be transported from other states so that adds to overall cost of gasoline,” Chepeliev said.

On Monday, long lines formed at the Sam’s Club in Fishers as some people waited a half-hour or more to fill up their tanks. Some families celebrated paying $4.89 for gas.

“Yeah, it’s less than 10 minutes to get here and the cheapest gas in the city,” motorist Victor DeBolle said.

“I think everywhere you’re going to end up waiting in line, especially when you find the lowest price,” Lori Stironek said.

The national average at 9 p.m. Monday was $4.92. That’s 31 cents higher than one week ago, 62 cents more than a month ago and $1.87 more than a year ago.

Experts say there are various reasons for high gas prices, including high demand, short supply, and the war in Ukraine.

On Monday, crude oil futures prices ended lower on the New York Mercantile Exchange. The near-month contract for the benchmark grade fell 37 cents, closing at $118.50 a barrel.