'We are not going to get back to the twos and maybe the threes — the low threes — until supply increases or demand decreases,” said Chris De Haan, an analyst with GasBuddy. “Supply is not going to increase until countries end their sanctions on Russia.'
INDIANAPOLIS — It has been costing us a lot more to fill up the tank lately — and gas prices are soaring once again."Not adjusting for inflation, Indiana is at a record high the price in Indianapolis today at $4.38 a gallon. It has never been higher," said Patrick De Haan, head of petroleum analysis at GasBuddy.
"What's becoming very much a likely outcome is that the European Union which gets four and a half million barrels a day from Russia is going to cut Russia off,” said De Haan. “If they do ... Russia is one of the world’s largest oil producers; there is nowhere else, no other country that has four and a half million barrels laying around."
"Demand is very high,” said De Haan. “Refining capacity though is low right now because they are in maintenance season right before the summer. So, they are not able to produce as much gasoline so gasoline inventories have been declining in the last few weeks and that's part of the reason there has been that disconnect."
"Taxes have gone up and Hoosiers know that,” said De Haan. “In fact, gas taxes just went up last month again. So, you have to look at how taxes have increased over time as well to explain why that relationship changes over time.""We are not going to get back to the twos and maybe the threes — the low threes — until supply increases or demand decreases,” said De Haan. “Supply is not going to increase until countries end their sanctions on Russia.
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