After reports of an increase in Northwest Indiana on Tuesday, retail gas prices are expected to drop by the weekend.
It’s a result of some “confusing things going on,” according to one fuel analyst.
Patrick DeHaan, senior petroleum analyst for the gas tracking website GasBuddy.com, said many people were reporting a jump in retail prices in the region where the EPA mandates a summer reformulated gasoline.
“We were expecting the rest of the state of Indiana and Michigan and Ohio to see a price jump on Wednesday following on the heels of what we saw in much of Gary and Hammond on Tuesday,” DeHaan said.
But DeHaan said “a new contender has entered the realm” and now wholesale prices are down 17 cents a gallon – perhaps negating any increase expected for Wednesday.
“We had expected a price jump (Tuesday) that would have occurred (Wednesday),” DeHaan said. “But now wholesale prices are down 17 cents a gallon in the Great Lakes with oil prices down about $2 a barrel.”
Early Wednesday, the AAA Fuel Gage report listed the average price of regular unleaded gasoline in Gary at $4.01 per gallon. Many gas stations in the region were priced anywhere from $3.79 to 3.94 per gallon.
Beginning Wednesday evening, prices were expected to begin to drop a few cents at a time with a more noticeable difference by the weekend, DeHaan said.
As for summer prices, barring any sort of major refining issues, DeHaan doesn’t think prices will go much higher than where it settled on Wednesday.
“I would say around $4,” DeHaan said. “I don’t foresee things getting a whole lot worse. I don’t think we’ll hit record highs.”