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Average gas price falls, but stays above $5 in Indiana

Drivers should be able to find gas below $5 per gallon in Indiana, and the national average is down to $4.88.

INDIANAPOLIS — The average price for a gallon of gasoline in Indianapolis on Monday was down 11.4 cents per gallon compared to last week, averaging $5.01, according to both AAA and to GasBuddy

Those Indianapolis prices are 47.9 cents higher than a month ago and stand $1.90 higher than a year ago, according to GasBuddy.

But drivers can find gas below $5 in a number of places around the city, including the cheapest station in Indianapolis at $4.69 per gallon on Sunday. The most expensive gallon was $6.39, which contributed to driving up the higher average price. 

Across Indiana, the lowest price was $4.53 on Sunday.

Nationally, GasBuddy is tracking an average price of $4.88 Monday. AAA registered $4.89 as its average price.

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"With Independence Day a week away, gas prices have continued to fall for the second straight week as the price of oil has faltered, ushering in the drop we're seeing," said Patrick De Haan, head of petroleum analysis at GasBuddy. "The good news is we could also see a third straight week of decline." 

But prices will still be at their highest in history for a July 4 holiday.

"Motorists should be wary that while the decline could continue for the week ahead, any sudden jolts to supply could quickly cause a turnaround," DeHaan cautioned. "When the peak of hurricane season arrives, we could see a super spike at the pump," he said.

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Fuel prices will continue to impact the cost of other consumer goods as truckers are paying slightly more for a gallon of diesel fuel - $5.80 per gallon - than they did a week ago. 

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