Gas prices surge to $2 mark in Indy
Drivers won’t be too pumped with this news.We’re getting more confirmation that Central Indiana’s gas-price break is probably over, thanks to another jump at gas stations today that mirrors a weeklong trend.Motorists at many filling stations were paying $1.99 for a gallon of regular unleaded this morning, a stark contrast to street prices that ranged in the low $1.30s just eight days ago.Click here to find the cheapest gasoline prices in the Indy metro area.For perspective: last year at this time the per-gallon average was $3.17 on its way to above the $4.15 mark by mid-September. Then came a day-after-day plunge as consumers cut back on driving in revolt and the price of oil fell $100.During the weekend, as the average gas price reached $1.80, Peter Grossman, an economics professor at Butler University in Indianapolis, predicted that with the price of oil and current market conditions, $2 could fast become the price.“You’ve got to pay the price that is out there, and that’s one thing people have to understand. It’s going to be volatile,” he told The Star last week.Nationally, oil prices neared $50 a barrel today amid signs OPEC is implementing its announced production cuts and as Israel’s ground offensive in Gaza kept tensions high in the oil-rich Middle East. The gas dispute between Ukraine and Russia also caused gas prices to jump.
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