WEST LAFAYETTE, Ind. (WLFI) - On Sunday gas prices in the area stayed around the $3.27/gallon mark. In some places that's up more than 25 cents compared to last week.
"There was surplus supply in the region," Purdue Ag Economist Wally Tyner said. "There was a lot of competition to get rid of that excess supply so prices went down."
Prices are back up, but still not as high as we have seen them. Tyner said get use to these prices going into the holiday traveling season.
"It looks like prices over the holidays are going to be about where they are now, or even lower," Tyner said. "The refineries are well stocked, many of them have finished their maintenance, supplies look good, crude oil prices are falling."
Tyner said if everything stays the same holiday gas prices could fluctuate between $3.15, or closer to $3.00 in some areas, to about $3.40 for the rest of the year.
But we all know today's gas prices do not always stick with the plan.
"What we've had over the last year or two is refineries are holding a lot less inventory," Tyner said. "Nobody pays them to hold inventory. That means if there is an outage, or even a maintenance shutdown, prices can spike. Prices are more volatile now."
Tyner said most of the regional refineries have finished winter maintenance. He said the prices are the highest in the summer, the peak of traveling season, then go down starting in September.
"There have been years they have shot up in January," Tyner said. "These days there just isn't a normal."
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