Brought to you by WBIW News and Network Indiana
Last updated on Thursday, November 8, 2012
(BEDFORD) - David Pinnick, of Williams, was not surprised when he saw the gas prices at Johnny’s Junction jump from $3.19 to $3.39 Wednesday morning.
The average price for gas in Indiana Wednesday afternoon was $3.40.
"The elections are over," Pinnick says. "Shows you the government has control over the gas prices."
Prices jumped 24 cents in just a few hours. Prices locally Wednesday were $3.15 at the Fayetteville Store and $3.17 at the JayC Food Store on 16th Street. But the BP Station on 16th Street was at $3.36 and Johnny's Junction was at $3.39.
The reason why - no one is for sure.
Avery Ash, AAA spokesperson says, Hurricane Sandy should have only a limited effect on gas prices. The Northeast is a significant gasoline consumer and not a major producer, so it is expected that the decline in demand from people staying home during the storm will outweigh any disruption in gasoline production.
Gas prices generally drop in November as demand declines and because refineries are producing less expensive winter-blend gasoline. Average gas prices dropped about 15 cents a gallon last year in November.
"It is possible that gas prices could drop by 40 cents a gallon nationally between now and the end of the year," continued Ash. "A significant decline in gas prices by the holiday travel season would be welcome news for motorists that have paid record-high prices for much of the year."
AAA expects that gas prices across the country will continue to drop through the end of the year, assuming a smooth restart to production following Hurricane Sandy.
AAA predicts the national average price of gas will be between $3.25-3.40 a gallon by Thanksgiving.
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