INDIANAPOLIS — Average gasoline prices in Indianapolis have increased almost 20 cents per gallon in the last week, averaging $3.56 Monday, according to GasBuddy's survey of more than 650 stations in Indianapolis.
Pump prices in Indianapolis are 30.2 cents per gallon higher than a month ago and stand 84.1 cents per gallon higher than the final day of February a year ago.
According to GasBuddy price reports, the cheapest station in Indianapolis was selling gas at $3.19 a gallon on Sunday, while the most expensive gallon was $3.79. The lowest per-gallon price in Indiana on Sunday was $2.99 while the highest was $3.85.
And the prices will not be going down anytime soon.
"The Russian invasion of Ukraine has sparked high level concern that oil production could eventually be stifled, or even sanctioned, from the world's second-largest oil producer, leading to less supply as demand grows," said Patrick De Haan, head of petroleum analysis at GasBuddy.
"That possibility has pushed up the national average price of gasoline considerably in the last week, and the situation could worsen at any time, keeping gas prices elevated for the foreseeable future," De Haan said.
"Pump prices will likely continue to rise as crude prices continue to climb," according to AAA. Crude prices surged immediately after Russia launched its invasion of Ukraine and start the week at just under $100 a barrel.
De Haan said the Russian invasion is accelerating a situation that normally occurs in springtime in the U.S.
"In addition to the unstable situation with the Russian invasion, we're also entering the time of year that seasonality pushes gasoline prices up by anywhere from 25 to 75 cents by Memorial Day," De Haan said. "It's simply looking like a perfect storm for motorists at the pump, with little to no relief anytime soon."
Indiana sits just under the national average price of gasoline that has risen 7.5 cents per gallon in the last week to $3.59 a gallon on Monday. Data from AAA paints a similar picture.