NORTHWEST INDIANA - Average retail gasoline prices in Northwest Indiana have risen almost three cents per gallon in the past week, averaging $2.45/g Sunday, according to GasBuddy's daily survey of 314 gas outlets in Northwest Indiana. This compares with the national average that has fallen just over five cents per gallon in the last week to $2.51/g, according to gasoline price website GasBuddy.com.
Patrick DeHaan, head of petroleum analysis for GasBuddy on Monday said that prices last week jumped briefly to about $2.49 per gallon and now things are cooling back off.
"Northwest Indiana's average price is up about three cents from last week that's as of midnight, but prices are down another penny since then, currently averaging about $2.45," DeHaan says.
Prices Sunday were almost 26 cents per gallon higher than the same day one year ago and are just over 3 cents per gallon lower than a month ago. The national average has decreased almost three cents per gallon during the last month and stands just over 23 cents per gallon higher than this day one year ago.
According to GasBuddy historical data, gasoline prices on February 19 in Northwest Indiana have ranged widely over the last five years at $1.66/g in 2016 and the low side and $3.85/g in 2013, on the high side.
DeHaan says dead ahead on the calendar is still turnaround season at the nation's refineries which promises at least some short-term pain for long-term gain.
"When we talk about turnarounds, we're talking about refineries that are doing some work on their facilities the next, we'll call it one to two months, this is the time of year that when gasoline is usually bottoming out and because there's kind of a lull in demand refineries start to do replacement, upgrades, normal wear and tear work, inspections to make sure that the refineries are all ready for the summer driving season," DeHaan says.
He says entering the next one to two months as part of that maintenance refineries won't be producing quite as much gasoline.