Gas Prices Lowest Since 2005

Posted on June 1, 2017
Author Anita Goodan, WKVI

Gas prices have been at a decent level lately as opposed to recent months.

Gasbuddy.com Senior Petroleum Analyst Dan McTeague said the local retailers are working the numbers very closely.

“Prices are reflecting the wholesale and tax of about $2.20 a gallon and that looks to be in some places the going price,” said McTeague. “A lot of gas stations are really operating with their proverbial noses very close to the grindstone. I’ve seen some places that are moving up to $2.45.”

While motorists could see an uptick in prices, McTeague said there is a downward trend ahead.

“Right now the market, that really dictates the wholesale prices for refineries and ultimately for wholesalers and gasoline stations, is actually trending down a little. I’m looking for the prices to be moving down not too far in the distant future.”

We are seeing a cheaper price at the pump than at this time last year. In fact McTeague noted that we are seeing the lowest prices at this time of the year in more than a decade.

“The base price for gasoline continues to be moving down in the Chicago market. It think that it bodes well and it may very well mean that prices we’re paying now may be the cheapest prices we’ve seen at this time of year going back to 2005. Indiana is the 15th least expensive state and jurisdiction across the U.S.”