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Gas Hitting $4 Mark Across State

Last updated on Wednesday, March 21, 2012

(UNDATED) - Some gas stations in Indiana raised their prices to more than $4 for a regular gallon of gas.

Several stations in Bedford are near the $4 mark at $3.99 a gallon, while others are still at $3.85 a gallon.

The Indiana average is $3.88, while $4.19 gas was spotted in Cloverdale and Muncie on Tuesday afternoon.

Drivers reported $3.99 gas in Elletsville, Logansport and Plainfield, while some of the lower prices, in the $3.60s, were reported on Indianapolis' east side, Speedway and Franklin.

Prices have jumped more than 17 percent so far this year.

The price of oil fell Tuesday after Saudi Arabia promised to keep markets well-stocked with petroleum. Oil has risen more than 9 percent this year as a standoff over Iran's nuclear program has threatened to disrupt oil supplies from the Middle East.

The Saudi government said Tuesday that it aims "to provide adequate supplies of petroleum, stabilize oil markets and return oil prices to fair levels for producers, consumers and the oil industry."

Saudi Arabia produces about 10 million barrels a day and said it has the ability to quickly raise that to 12.5 million barrels a day.

The highest gas prices are in Hawaii at $4.48, while the cheapest is in Wyoming at $3.44 a gallon. Oil prices are still high as well, $107 a barrel for light sweet crude. The price of oil is the biggest factor in gasoline prices.

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