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Why gas prices are rising in Indiana

Fighting inflation and high gas prices

INDIANAPOLIS (WISH) — Nationwide, increasing inflation continues to impact consumers. Rising prices at the pump are one of the contributing factors. But why are gas prices staying so high right here in Indiana?

Patrick De Haan, head of petroleum analysis at Gas Buddy, explained to “Daybreak” anchor Jeremy Jenkins.

De Haan says many of the factors that influence gas prices are seasonal in nature. However, “Over the weekend, we saw Iran attack Israel, and the price of oil actually taking a dip this morning,” he said.

On Monday morning, the average price for a gallon of regular gas in Indianapolis was $3.53, according to Gas Buddy.

“We’ve seen travel like spring break, Easter, and the eclipse pushing demand higher and refinery maintenance is happening — all of those at the same time and that has been behind the jump in prices,” De Haan said.

De Haan says prices will likely continue rising for a couple of more weeks before peaking sometime during the spring.

“I think for most of the summer, we’re going to look at prices in the mid $3 range, not too far away from where they are now,” De Haan said.

He credits this to refineries completing maintenance and starting to increase output of gasoline.

“I think, for most of the summer, we’re going to look at prices in the mid-$3 range, not too far away from where they are now.”

De Haan says the Federal Reserve is keeping an eye on the rising cost.

“Look for the Fed to talk about cuts later this year. Of course, they want to be very careful when they begin those cuts because it could cause the economy to heat back up,” De Haan said.

In the meantime, De Haan suggests that Hoosiers look for cost cutting-measures at the pump.

“The easiest thing to do: Checking an app like Gas buddy, using Google or ways to find lower prices near you.”