FUEL: Prices have fallen but demand still flat

Times Board of Economists - Report from Tom Collins, chief executive officer of Luke Oil
2013-10-20T00:00:00Z 2014-01-28T17:33:16Z FUEL: Prices have fallen but demand still flatJoseph S. Pete joseph.pete@nwi.com, (219) 933-3316 nwitimes.com
October 20, 2013 12:00 am  • 

Gas consumption has been flat in Northwest Indiana though prices have come down from the high $3 range, said Tom Collins, the chief executive officer of fuel distributor and retailer Luke Oil.

Last week, the average price nationally was $3.37 a gallon, or 48 cents less than it cost at the same time last year. Gas was cheapest at the pump in South Carolina, and most expensive in Hawaii.

The average price in Indiana was $3.39 a gallon last week, and Northwest Indiana's price matched the state average, which is an uncommon occurrence, Collins said. Gas cost about 6 cents more per gallon across the state line in Illinois.

On the production side, the United States set an all-time record by exporting 3.8 billion barrels last month. The country is beginning to turn into more of a crude oil exporter, which is unprecedented.

Copyright 2014 nwitimes.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Follow The Times

Featured Businesses

In This Issue

Professionals on the Move Banner
Get weekly ads via e-mail



Who do you support for Lake County assessor?

View Results