NORTHWEST INDIANA - Gas prices in Northwestern Indiana have risen 1.5 cents per gallon in the past week, averaging $1.99/ per gallon Monday, according to GasBuddy's daily survey of 314 stations. Region gas prices are just over 3 cents per gallon lower than a month ago and stand almost 48 cents per gallon lower than a year ago.
According to GasBuddy price reports, the cheapest station in Gary is/was priced at $1.75 per gallon as of today/Monday while the most expensive is $2.19/ per gallon.
Patrick De Haan, head of petroleum analysis for GasBuddy, says with oil's rally to a new COVID-19 high-water mark, gas prices have begun to follow, even as gasoline demand crumbles to some of the lowest levels in months. He says optimism continues to propel oil markets higher, led by positive news of a COVID-19 vaccine, but should anything change timing wise, we could a reversal, but for now it remains full steam ahead with markets focused on the promise of oil and gasoline demand rising, or the best potential outcome of the situation.
De Haan also says that should the hype be overblown, a correction could happen in the weeks or months ahead. But for now, motorists may see more volatility in oil markets then we've seen in months.