Indiana News

Several factors playing a role in higher gas prices

FORT WAYNE, Ind. (WANE) Average retail gasoline prices in Fort Wayne have risen 5.4 cents per gallon in the past week, averaging $2.29 a gallon on Sunday, February 8, 2015 according to GasBuddy’s daily survey of 201 gas outlets in Fort Wayne. This compares with the national average that has increased 12.6 cents per gallon in the last week to $2.17 a gallon according to gasoline price website GasBuddy.com which supplies data for wane.com’s Gas Gauge.

Including the change in gas prices in Fort Wayne during the past week, prices Sunday were 109.8 cents per gallon lower than the same day one year ago and are 22.3 cents per gallon higher than a month ago. The national average has increased 1.7 cents per gallon during the last month and stands 110.7 cents per gallon lower than this day one year ago.

“This past week gasoline prices saw the largest weekly incline since July, 2013. While the pace of increases will slow in the week ahead, we’re looking at continued gas price increases over the next few weeks. Oil prices have risen, contributing to the higher prices, but also worrisome are the refinery strikes initiated over the last week that have oil companies scrambling to keep refineries online. Just yesterday, more strikes hit refineries in the Midwest, and while the strikes are not currently a contributor to higher gasoline prices, should there come a time when the strikes cause less production of refined fuels, motorists can expect spikes,” said Patrick DeHaan, senior petroleum analyst with GasBuddy. “But while gasoline prices have rebounded, diesel consumers have not seen the massive spikes that their gasoline counterparts have. In fact, diesel prices will likely continue to slowly drift lower,” DeHaan noted.

In the last week, the percentage of gas stations selling under $2 a gallon has shrunk by a large margin: a week ago, more than half of all gas stations were under $2.00 a gallon, but now just 27% are selling under $2 a gallon. Similarly, the number of stations charging over $2.25 a gallon has risen from 17% a week ago to 31% currently.

As of Sunday night, some of the largest increases across the U.S. in the last week: Danville, IL: up 31.6 cents a gallon, Bloomington/Normal, IL: up 27.4 cents a gallon, Cape Girardeau, MO: up 26.7 cents a gallon, Toledo, OH: up 25.6 cents a gallon, Huntington, WV: up 25.2 cents a gallon, Wichita, KS: up 24.9 cents a gallon. A complete listing of the biggest movers can be accessed here.

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