Gas prices in Indy edge up over $2
For the first time since November, some gas stations in Indianapolis on Thursday raised the price for a gallon of the cheapest gallon to $2.06.
That’s a 30- to 40-cent bump up from what we’ve been used to paying during the winter.
AAA Motor Club spotted the increase too, and their latest statistics issued today reflect the bump at the pump: the statewide average rose 4 cents overnight to $1.90, while the city average rose 8 cents to an average of $1.92.
“From the motorists’ perspective, it’s not completely unexpected, since prices have been inching up over the past couple of weeks,” said Greg Seiter, spokesman for AAA Hoosier Motor Club, in an interview today.
Gas prices peaked at around $4.15 in September but steadily declined due to a variety of factors, including a drop in crude oil as motorists altered — and in some cases reduced — their driving habits.
After sub-$2 prices all winter, a spike up was a given after OPEC decided to cut production. Plus, refineries are making the switch to fuels that accommodate warmer weather. The falling fuel costs have helped spark some crude demand.
“It’s cheap now to fill up your car, and that’s starting to have some impact,” said Christoffer Moltke-Leth, head of sales trading at Saxo Capital Markets in Singapore. “There’s a sense that because crude has gotten cheaper, demand may be picking up. We’ve seen inventories surprise on the downside.”
*NATIONAL REPORT: Oil prices hit $44. *
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