INDIANAPOLIS — The average price for a gallon of gas in Indianapolis fell 12.2 cents over the past week, and is averaging $4.75 on Monday, according to GasBuddy.com. Across the state, GasBuddy had Indiana's average at $4.74 per gallon. AAA showed a penny lower at $4.73.
The national average price of gasoline is even lower, averaging $4.66 per gallon on Monday. Diesel prices have declined 8.5 cents in the last week and now sit at $5.65 per gallon.
“The national average has declined for 27 days straight, or four weeks, the longest decline in average gas prices since the pandemic started in 2020," said Patrick De Haan, head of petroleum analysis at GasBuddy. Americans are spending about $140 million less on gasoline every day than they did a month ago.
DeHaan expects the current trend to continue as long as oil prices stay around $105 per barrel and refineries maintain their current production rate for gasoline.
"But we're not completely out of the woods yet," he said. "We could also see a sharp reversal in the decline. There remains risk of a spike in prices that could send us to new record levels in August, should any disruptions occur. It could be a wild ride, but for now, the plummet at the pump shall continue."
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A lower economic growth rate than expected could cause crude demand to decline, leading prices to follow suit, according to AAA.
GasBuddy showed the cheapest gallon for sale in Indianapolis Sunday was $4.28, with the the lowest price in the state at $4.13.