INDIANAPOLIS, IN – As Indiana residents begin their holiday season preparations, AAA is reporting that Hoosiers are finding the lowest prices at the gas pump since April. In fact, statewide gas price averages have fallen for 13 consecutive days.
Indiana’s current average for regular unleaded ($2.590) is 34 cents less than it was one month ago and at its lowest point since Apr. 5, 2018 ($2.586).
The statewide trend is reflective of the national market as well. Overall, Americans are paying an average of $2.745 for regular unleaded—16 cents less than they were one month ago.
“Gasoline is becoming less expensive to produce and sell, thanks to lower crude prices and cheaper-to-produce winter blend fuel,” said Greg Seiter, public affairs manager for AAA Hoosier Motor Club. “Retail prices haven’t quite caught up with declines on the wholesale side so it’s possible that gas prices might fall back a little more before stabilizing.”
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate crude oil dropped 55 cents to settle at $63.14. Oil prices moved lower last week as total domestic crude inventories grew by 3.2 million barrels, according to the Energy Information Administration’s (EIA) latest weekly petroleum report. In addition, reimposed sanctions on Iran’s crude exports have not ignited fears in the market about constrained global supply this winter, since the U.S. will reportedly issue eight waivers that allow some of Iran’s top export destinations to continue importing its oil.
According to the EIA, Iran ranks as the world’s fourth-largest reserve holder of oil. Iran also ranks among the world’s top 10 oil producers, producing almost 4.7 million barrels of petroleum and other liquids per day in 2017.
While Iran is an oil powerhouse, Saudi Arabia (9 percent) and Iraq (6 percent) are the top two OPEC countries exporting to the United States and two of the top five countries overall that sell oil to the U.S.
Motorists can find current national and state-by-state gas prices averages at gasprices.aaa.com or through the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. More information can be found at AAA.com/mobile.