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Indiana gas price decline could start reversing this week

Indiana and other states in the Midwest could see gasoline price increases as a result of the oil rebound, according to one petroleum analyst.

INDIANAPOLIS — Average gasoline prices fell nearly 10 cents per gallon over the past week, and Indianapolis prices fell more than 13 cents, according to GasBuddy.com's most recent survey data.

Hoosiers are paying, on average, $3.86 for a gallon statewide, according to both GasBuddy and AAA. In the Indianapolis metro area, the average price was running at $3.80 on Monday, according to the 653 stations in GasBuddy's survey.

The lowest price in Indianapolis was $3.47 per gallon.

Prices are running slightly higher north of 96th Street, according to AAA's data for Hamilton ($4.02/gallon) and Boone ($3.87/gallon) counties.

Although gasoline demand has increased and supply has tightened, lower oil prices have helped lower pump prices, according to AAA — but that could change soon.

Nationally, prices fell below the $4/gallon mark last week but could be going up, according to Patrick De Haan, head of petroleum analysis at GasBuddy.

“For the ninth week straight, gas prices have continued to fall," De Haan said, "but the streak is at great risk of being broken this week with wholesale gasoline prices having bounced back up some 40 cents per gallon as oil prices have rebounded." 

Indiana and other states in the Midwest could see pump price increases as a result of the oil rebound, De Haan said. 

"The decline in average prices could wrap up soon, with some price increases possible as early as this week, especially in areas of the Great Lakes," De Haan said. "While the West Coast and some areas of the Rockies may see prices continue to drift lower, I do believe the national average could tick higher this week as the better than expected jobs report last week likely means less demand destruction than anticipated."

The national average price of diesel declined 14.8 cents in the last week and stands at $5.27 per gallon. 

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