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Frustration at the Gas Station as Fuel Prices Continue to Climb

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A fuel pump in Greenwood, Indiana showing diesel and gas prices in early June 2022. Photo: C.J. Miller / Hoosier Ag Today.

Hoosiers are feeling frustration at the gas station as gas and diesel prices continue to hit all-time highs.

The average price for regular unleaded in Indiana is now at $5.23 a gallon, which is a jump of 33 cents from a week ago.  The average price for diesel is $5.84 a gallon, which is an increase of 38 cents from last week.

At this same time last year, the average price of regular unleaded in Indiana was $3.06 a gallon, while diesel was $3.30 a gallon.

Oil prices, where are near three-month highs, are hovering around $120 per barrel.

Patrick DeHaan with GasBuddy.com says oil prices took a bit of a pause last week, after OPEC announced plans to increase production, beyond what it had previously promised consumers. DeHaan noted oil investors have a lot to watch for and digest these days.

“A global economic recovery, Shanghai has reopened China’s economy, the global economy has been strong, but is now starting to potentially slow down under the weight of high energy prices made worse by Russia’s invasion of Ukraine. So, there’s certainly no shortage of potential issues to watch for as global energy prices remain high,” says DeHaan.

On top of that, American consumers are transitioning into the summer driving season. He talks about when consumers can expect prices at the local station to level off, or perhaps even decrease.

“There’s not much evidence that we’re going to see things slow down anytime soon,” according to DeHaan.

Sources: NAFB, AAA, GasBuddy.com