The recent drop in gas prices is mainly due to economic jitters, according to one expert. Patrick Dehaan, Senior Petroleum Analyst for Gasbuddy.com, said he thinks there will be some areas that will go slightly below $3 a gallon.
“That won‘t happen widespread,” Dehann said. “I think the Indianapolis average will remain about $3.20 to $3.30 here in the next week but you will see some areas that perhaps will dip under that $3 a gallon mark.”
Dehaan said the midwest is below the average of other areas, mainly due to local supply factors.
“The Midwest had been below average for supply but in the most recent week, now supply is starting to build here in the midwest so that‘s certainly good news and could be a contributing factor to why prices now here in the midwest, or at least in Indianapolis, are lower than other areas,” Dehann said.
He said he does expect prices to bounce back in the coming weeks and months but not as drastically as we have seen in the past.