Photo: Andy Callahan (Flickr)
Gas prices are quickly on the rise again in Indiana, and supply restrictions in the Midwest are at lease partly to blame, according to one professor.
Friday‘s Fuel Gauge Report shows the average price for a gallon of regular unleaded is $3.84 in Indiana. That‘s way up from $3.51 last week and $3.38 a month ago.
Rose Hulman Professor Dale Bremmer says a malfunction at a refinery in Northwest Indiana and problems at a Citgo refinery in Illinois and a Phillips 66 refinery in Illinois plus two serious pipeline problems.
“Even though the U.S. as a whole has a glut and we have high inventories of gasoline and oil, they‘re pointing to Midwest supply restrictions on why gasoline prices are going up,” he says.
Bremmer says the oil speculation, panic buying and the volatility of short run prices in gasoline is also to blame. He says he expects Labor Day and the end of the summer driving season should bring relief and perhaps even decline in prices.