GASBUDDY: Gas Prices May Go Up as Optimism Grows Over U.S. COVID-19 Vaccine, Stock Market Changes

WITZ RADIO NEWS IS AN AFFILIATE OF NETWORK INDIANA / PHOTO: WIBC

STATEWIDE– Gas prices are expected to stay around $2 per gallon through the winter, but GasBuddy expects that to change later in 2021.

“Shop around if you’re out driving because prices are about 23 cents lower than this time last year,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “This is kind of the high-water mark for the COVID-era. Prices haven’t been this high since before COVID began.”

As optimism has gone up with the coronavirus vaccines being distributed, DeHaan says oil prices and the stock market have both improved. That also means, however, that gas prices are going up too.

“For 2021, we are anticipating a yearly national average of $2.44 per gallon. Typically, Indianapolis (and other places) are below that. In the spring, prices may be in the mid to upper $2 per gallon range temporarily. It’s a little bit fickle across Indiana. Sometimes Indiana is under the national average, but it could go above that. For the entire year, I would still expect Indiana to be slightly under the national average, but that could always change,” said DeHaan.

DeHaan expects prices to stay in the lower $2 per gallon during the winter prior to rising in the spring and summer, but that hinges on whether the situation with the pandemic improves.