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Sunday, November 24, 2024

Average Indiana driver will spend $1.68 more on gas this January

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The average Indiana driver will pay $1.68 more at the pump in January 2023 than they did in January 2022, according to an analysis of gas prices from the AAA motor club and Federal Highway Administration (FHA) data by Hoosier State Today.

Indiana drivers will pay an average of $3.07 per gallon of regular gasoline this month versus $3.05 last year. This is a 0.9 percent increase equaling $0.03 per gallon.

Of the 15 Indiana metropolitan areas analyzed, drivers in Bloomington faced the largest price hike at the pump in the last year of $13.28. Michigan City-La Porte was spared the worst pain, with the price of gas rising -$8.13 from January 2022 to January 2023.

Gas prices across the US hit a seven-year high following a significant drop at the beginning of the COVID-19 pandemic.

The price of gas, derived from the cost of oil manufactured around the world, has the power to substantially change the free market and influence many industries.

A short-term outlook report from the US Energy Information Administration predicted gas rates would fall throughout 2022. This was incorrect, though the Administration made the same forecast for 2023.

Indiana drivers average 1,502 miles and use 62.1 gallons of gasoline per month, according to the FHA.

Indiana gas price difference - January 2022 vs. January 2023

Market20232022CHG%Total increase
Bloomington$3.27$3.06$0.217.0%$13.28
Fort Wayne$3.01$2.91$0.113.7%$6.64
South Bend$3.08$2.99$0.082.7%$5.09
Muncie$3.03$2.96$0.062.2%$3.97
Indianapolis$3.05$3.01$0.041.4%$2.67
Kokomo$3.16$3.12$0.041.1%$2.17
Terre Haute$2.99$2.98$0.010.5%$0.87
Dearborn-Franklin-Ohio-Union$3.05$3.05$0.010.3%$0.50
Elkhart$3.02$3.02$0.010.2%$0.43
Clarksville$3.09$3.09$-0-0.1%-$0.19
Lafayette$3.22$3.23-$0.01-0.2%-$0.37
Gary$3.12$3.12-$0.01-0.2%-$0.43
Evansville$3$3.03-$0.03-0.8%-$1.55
Columbus$3.01$3.12-$0.11-3.6%-$6.89
Michigan City-La Porte$3.08$3.21-$0.13-4.1%-$8.13

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