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GasBuddy: Record gas prices in Indiana, could remain high for some time

INDIANAPOLIS (WISH) — The pain at the pump shows no sign of slowing as Indiana hit a new record high for gas on Wednesday.

The statewide average price for a gallon of unleaded gasoline on Wednesday evening was $4.26, although some areas of the state reported prices as high as $4.55 per gallon.

Wednesday’s record is up just more than a penny from Tuesday and up 56 cents over last week. The last time Indiana saw an average that high was in May 2011.

According to Patrick De Haan, head petroleum analyst for GasBuddy, you can blame the war in Ukraine for the sharp increase in gas prices.

“Russia is the producer of 10% of the world’s oil. That’s a big jolt, and demand is unlikely to go down much, and supply just took a big plunge,” De Haan said.

However, according to the group American Fuel and Petrochemical Manufacturers, the United States only gets about 3% of its crude oil from Russia.

“Even if we don’t receive much oil from Russia, somebody else does, and that somebody else is probably going to be knocking on somebody else’s door to get the oil we buy,” De Haan said.

Some Hoosiers say they are feeling the impact of high gas prices.

IUPUI student Rachel Pollock calls it “kind of ridiculous.”

“It does make it hard for the young college students to be able to go out and do things because the gas prices are so expensive,” Pollock said. “Most of us don’t have a job, and if we do have a job, we’re only getting paid for so many hours because they’re campus jobs.”

Chet Linson, who lives in Indiana, says higher gas prices are just a “small price to pay” when compared to other things going on in the world.

“It definitely does hit the pocketbook,” Stinson said. “But, ultimately, with what’s going on in Ukraine, and what’s going on internationally, I think it’s a small price to pay when we look at what another country is facing.”

De Haan says Hoosiers are going to be spending a lot more money on gas this year, which could impact the state’s economy. So, when can Hoosiers expect some relief?

“It will take some sort of signal that oil is going to start flowing from Russia again to really bring prices down noticeably,” De Haan said.