One month ago, the Indiana average was $4.072. One year ago, it was $2.611. In Indianapolis, prices today are as low as $3.54 a gallon.
Purdue University's Wally Tyner, an energy policy expert, said summer gasoline prices will probably remain under $4 a gallon.
He said market conditions that caused oil prices to go past $110 a barrel have improved to put oil under $100 a barrel. Tyner cautioned that prices at the pump could rise again if oil production is interrupted.
Memorial Day weekend traditionally is viewed as the beginning of the summer driving season.
Gasoline prices have soared for several reasons, Tyner said. He said the war in Libya sent crude oil prices soaring to increase the pump price about 40 cents a gallon.
"Shortly after that event, we had the change from winter to summer blend gasoline," he said. "That change occurs on May 1, and the impact is felt a bit before that as refineries and stations make the switch.
"Summer blends normally are about 10 cents per gallon higher than winter."
He said refining issues also added on to the price at the pump.
All of the issues tacked on about 76 cents to a gallon of gas, Tyner said.
Indiana gasoline prices hit a record $4.25 a gallon on May 4. The same day, some stations were charging as much as $4.29 a gallon in Greater Lafayette. (source www.jconline.com ) For the latest updates PRESS CTR + D or visit Stock Market news Today
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