Gas prices going up

Purdue economist Wally Tyner predicts gas prices 40 to 50 cents higher than last summer in Indiana

Purdue economist Wally Tyner predicts gas prices 40 to 50 cents higher than last summer in Indiana

The Dearborn-based auto club said early Monday that the average price for self-serve regular unleaded gasoline was about $2.85 per gallon, roughly the same as last week's average. Consumers in nine states are already grappling with pump prices that have hit the $3/gallon mark.

"Preliminary projections had gasoline averaging around $2.75 this summer", Jenkins said on Monday. This is a drop from the previous week's high of 2.331 million barrels per day, which was the highest weekly estimate on record from the Energy Information Administration.

The average price is now $2.90. "However, all bets are off right now, pending the president's decision on the Iranian nuclear deal".

Prices have not been this high since November of 2014.

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Oil's surge above $70 a barrel in NY on concern the US will pull out of the Iran nuclear deal is likely to mean a bigger bite when drivers fill their cars.

Summer blends have been phasing in over the past few weeks and are mostly included in the full retail price of gasoline. Distillate inventories bucked the trend and fell 3.9 million barrels, 21% under their year-ago levels as exports of distillate remained high. According to the Gasbuddy website which tracks gas prices throughout the state, Valero on Morris Avenue is selling a gallon of gas for $2.94.

Delaware's and Pennsylvania's prices were also unchanged, at $2.76 and $3.02 respectively, while South Jersey's average went down a penny to $2.83. Refiners utilization increased 0.3% to 91.1% of capacity last week, a likely signal that they are ramping up ahead of Memorial Day- the official start to summer driving season in the USA, the world's largest oil consumer.

"The possibility of stable fuel prices is welcome news for the many drivers who have experienced nothing but pain at the pump since the beginning of the year", he added.

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