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Americans 'resilient' to record high gas prices

GasBuddy.com analyst Patrick De Haan said our demand for gas is not helping drive pump prices lower.

INDIANAPOLIS — Average gasoline prices in Indianapolis and across the nation spiked to record levels last week, and are holding at those levels with the national average above $5 per gallon.

According to GasBuddy.com, the average price was $5.21 a gallon at more than 600 stations across Indianapolis on Monday. The cheapest gas in Indianapolis was priced at $4.89 on Sunday, while the most expensive was $6.39, which was also the highest price anywhere in the state of Indiana.

And Americans are still willing to pay those prices, according to GasBuddy's petroleum analyst, Patrick De Haan. 

"Gasoline demand, while rising seasonally, is still well below previous records, but remains impressive with prices in all states at record levels," De Haan said. "Should the rise in price finally start to slow demand, we could see some breathing room, but for now, it seems like Americans are proving resilient to record highs."

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Hoosiers are paying about 20 cents more per gallon than the average American, with the national average price of gasoline at $5.01 Monday. That price is based on more than 11 million weekly price reports to GasBuddy covering over 150,000 gas stations across the country. AAA surveys fewer stations, but also reported $5.01 as its national average price on Monday, with the Indiana average at $5.22. 

The price of diesel has fallen four cents nationally in the past week and stands at $5.50 per gallon, according to GasBuddy, while AAA pegged its diesel average at $5.77 per gallon on Sunday.

"For the first time ever, last week saw the national average reach the $5 per gallon mark," De Haan said. "For now, the upward momentum may slow down, but prices are still just one potential supply jolt away from heading even higher." 

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