Even if gas prices go up over the next few weeks, GasBuddy says they should not increase all that much.
“Last week we saw some stations across Indianapolis try to go to $2.15, but it didn’t really take. We did see a little bit of an attempt at a price cycle, but overall prices still average $1.98. A lot of that is due to coronavirus,” says Patrick DeHaan, head of petroleum analysis for GasBuddy.
It’s not just the coronavirus that’s affecting gas prices. DeHaan says the current hurricane season is also playing a role.
“It may be a little bit bumpy here the next couple of weeks. We do have an active hurricane season with Tropical Storm Beta out in the Gulf of Mexico. We’ve got Hurricane Teddy. That’s away from land. There is still the possibility in the weeks ahead that hurricanes could cause oil refineries to shut down, so that’s where we get the (price) volatility. So far, though, we haven’t seen hurricane season make much of an effect,” says DeHaan.
DeHaan expects prices to stay around $2 per gallon by Halloween, so long as there’s “not any disruption from a hurricane.” DeHaan also gave his thoughts on what could happen this week
“My inkling is that we may see some stations try to go to $2.15 again at some point this week. We’re still in good condition. Prices are around $1.98. Around this same time a year ago, we were at $2.59.
Gas prices around Warsaw have gone up to $2.15 when paying with a card, while cash prices at some stations have stayed around $1.92.
DeHaan says gas prices are the lowest they’ve been since 2004.
