INDIANAPOLIS — The average price for a gallon of gasoline in central Indiana is approaching the painful benchmark of $5 that several stations have already passed. In fact, the state of Indiana is already averaging $5, according to GasBuddy.com's weekly survey and AAA's state survey.
If you just count the 653 stations surveyed in Indianapolis, the cost per gallon is averaging $4.92 Monday — a 38-cent increase from last week and a 74-cent jump from May.
Both GasBuddy and AAA put Indiana's average price above the national average of $4.85/$4.86. Diesel prices stand at $5.62 per gallon nationally.
"It now appears not if, but when, we'll hit that psychologically critical $5 national average," said Patrick De Haan, head of petroleum analysis at GasBuddy. "Diesel prices also stand at a record high — a second gut-punch to consumers which pushes prices of most goods higher."
The cost of a barrel of oil is nearing $120, nearly double from last August, according to AAA, as increased oil demand outpaces the global supply.
According to GasBuddy price reports, you could still find gas for $4.69 in Indianapolis on Sunday, but drivers were paying as much as $5.19. The lowest price in the state of Indiana was $4.29 Sunday, while the highest was $5.59, a combination that led to the state hitting its $5 average price on Monday.
Nine other states are showing average gas prices above the $5 per gallon mark, according to GasBuddy.
For comparison, on June 6, 2021, Hoosiers were paying $3.07 compared to the U.S. average of $3.04. In 2020, during the pandemic, prices for June 6 had dropped to $2.02 in Indiana.
"Gasoline inventories continue to decline even with demand softening due to high prices," De Haan said, noting the situation does not look like it will improve anytime soon.
“People are still fueling up, despite these high prices,” said AAA's Andrew Gross. “At some point, drivers may change their daily driving habits or lifestyle due to these high prices, but we are not there yet.”