Source: (Photo: stefanamer/Getty Images)
INDIANAPOLIS — Gas prices cycled recently in Indianapolis, going up around 20 cents a gallon. The average for a gallon of gas in the capital is now at $3.63, which is up from $3.46 last week.
Prior to this most recent cycle gas had been on the decline since mid-April. Gas Buddy’s Patrick Ge Haan says that there is good news that comes with the bad news of the price cycle. “The increase that we are seeing here in the last couple of days is actually about a nickel lower than where we saw prices go last time they cycled.” said De Haan.
De Haan also said that folks who can afford to may want to hold off on filling up the tank for a little while as prices should start to inch down again in the coming days.
He explained that cycles in gas pricing occur when gas stations will let the cost of a gallon go too low for too long. “The preceding decline of gas prices from $3.74 to $3.35 is a tremendous drop of 40 cents a gallon. So stations are going up to a point where they are profitable again after lowering too much.”
De Haan said this cycle happens every couple of weeks where prices will go up in one day and then inch down in the following weeks. He mentions the fact that this most recent jump was five cents less than the previous raise in prices would indicate that the market and prices have peaked.
The post Recent Gas Cycle Brings Price of Gas Up 20 Cents on Average appeared first on WIBC 93.1 FM.
Recent Gas Cycle Brings Price of Gas Up 20 Cents on AverageĀ was originally published on wibc.com
