FORT WAYNE, Ind. (WANE) — As gas continues to fall nationally, Indiana residents will feel it more at the pump.
States across the nation saw their gas prices fall this week, but none more than Indiana
According to Patrick De Haan, head of Petroleum Analysis at Gas Buddy, the state dropped 34 cents per gallon, the most of any state.
De Haan says that this is to be expected in the state when prices trend down nationally.
“Well it’s the state with the most volatility, meaning prices go up the quickest and they also go down the quickest,” said De Haan.
De Haan also said that he expects things to continue dropping as long as markets hold steady, but he won’t put out an exact estimate on how low the prices will go.
The reason why they’re dropping is varied.
“A lot of it I think is concerns over the economy, that is a recession could slow down consumption,” said De Haan.
“We have also seen strength in the US Dollar. Oil is globally traded in dollars, so when the dollar strengthens it essentially makes oil more expensive for everyone not using the dollar to buy oil. We have also seen a modest increase in gasoline supply over the past couple of weeks.”
One big reason it’s not going down is politicians, a point that DeHaan has been adamant about since the beginning of the price hike.
“No president can take credit for what’s happening now, this is merely a shift in fundamentals. And that can shift right back tomorrow.”
In Indiana, he doesn’t expect Fort Wayne to drop as quickly as other areas, like Evansville.
Across the board, though De Haan says that we shouldn’t be surprised if stations in some states went below $4 per gallon.
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