INDIANAPOLIS — The average price for a gallon of gas in Indianapolis fell 23 cents over the past week, averaging $3.43 on Monday, according to GasBuddy.com. That reflects a drop of 80 cents in the last month.
Drivers could find gas for as low as $3.06 on Sunday, and the average price could fall below $3 by Christmas, according to Patrick De Haan, head of petroleum analysis at GasBuddy.
"For the first time in 670 days, the national average price of gasoline has fallen below its year-ago level, dropping for the fourth straight week to its lowest level since January," DeHaan said. "Every state has again seen average gasoline prices drop in the last week."
In Indiana, the lowest price was $2.79 while the highest was $4.15, so drivers can save significantly by tracking prices and planning their fill-ups.
According to AAA, the areas of Indiana with the lowest average prices are in and around Evansville and near Cincinnati. The highest average price is in Monroe County at $3.80 per gallon.
Diesel prices are also dropping and the national average should fall below $5 per gallon this week, DeHaan predicts.
The national average price of $3.36 was running slightly below Indiana's average on Monday, and is within 2 cents of where it stood a year ago.
DeHaan still cautions that prices could be impacted by world events. "There may be some concerns coming as the price cap on Russian oil kicks in. Retaliation is possible, and while OPEC+ upheld production cuts from last month, they could always cut more production," he said. "For now, however, we'll likely see another week of declines at the pump in nearly all areas."