Gas Prices May Be Heading Lower

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FT. WAYNE, Ind.–The cheapest gas in Indiana is in Ft. Way, at $2.55 per gallon of regular. Gas prices may be going down substantially soon, not only because crude oil prices are weakening, but because refineries are going back online after projects and upgrades.

“Crude oil prices are always the biggest item inside gasoline price and its direction, and 2019 won’t be an exception,” said Trilby Lundberg, of the Lundberg Survey, which follows oil and gas prices. “But, the refining projects have stood out as a very close second at this time.”

Patrick DeHaan, chief petroleum analyst with Gasbuddy.com, agrees.

“Additional slow relief will trickle to pumps in the next week as more refiners get back into the game and boost production,” he said.

“Assuming that those projects are largely or totally completed in coming weeks, and assuming that crude oil prices don’t jump through the roof, then we will probably not only see declines of gasoline, but they will probably be price cuts of substantial size,” said Lundberg.

DeHaan said trade troubles with China could also play a part in what you pay for gas.

“With a trade deal with China seemingly more and more unlikely, we may continue to see weakness in oil and gasoline prices,” he said.

Indiana gas was down 2.1 cents Monday morning, at $2.82, on average.In Indianapolis, the price fell 7 cents over the last week and was at $2.81. In the Cincinnati area, gas was up about a nickel, at $2.74. In Ft. Wayne, gas was up 16 cents at $2.86.