INDIANAPOLIS — Average gasoline prices in Indianapolis are averaging $3.02 a gallon heading into the holiday week, according to GasBuddy.com. That's below the national average of $3.09 and it's less expensive than Christmas week in 2021.
Gas is at its lowest price point in a year and a half, according to Patrick De Haan, head of petroleum analysis at GasBuddy, who calculated that American drivers are saving some $750 million every day at the pump right now.
With the arrival of the winter driving season when fewer people hit the roads due to less daylight and more inclement weather, gas supplies increase. The lower demand is pushing pump prices lower. As demand remains low and stockpiles grow, drivers will likely continue to see pump prices decrease through next week.
"Fuel prices across the board have been plunging back into territory more Americans feel is normal," said De Haan, "which could certainly boost economic sentiment going forward."
"While the decline should take the national average under $3 per gallon in the next week or so, it is soon likely to fade as oil prices have held in the $70 per barrel range," De Haan said. "But while the declines for gasoline may fade, diesel prices still have considerable ground to cover, and could fall another 50 cents or more in the weeks ahead."
Monday's average price is still the fourth-highest for the holiday in the past decade.
Travelers leaving Indiana will find higher prices as they head toward Louisville and Cincinnati, according to AAA. Lake Michigan counties are priced near the state's average. Monroe, Wabash and Tippecanoe counties are showing the most expensive gas in the state, averaging between $3.35 and $3.47 per gallon.