Wednesday, October 28, 2009






Gas prices continue to rise in Indiana, with motorists who need to use premium paying close to $3 a gallon.A Hoosier Motor Club reported the average price for unleaded rose 5 cents to $2.68 in Indianapolis and statewide today, a 34-cent jump from a month ago.A year ago, the economic recession forced prices at the pump down to $2.50 per gallon just months after they'd set new records in Indiana.The rising price of crude oil, which closed Tuesday at $79.55 a barrel, is putting pressure on gasoline prices.The national average gas price has increased 6.8 percent during the past four weeks from $2.504 per gallon to 2.675 per gallon, according to AAA.The Web site Gasbuddy.com says prices in Indianapolis have hit as high as $2.79 today at area pumps after a 20-cent increase earlier in the week.There is a good chance that this week, retail gasoline will week surpass peak summer prices reached just over four months ago during the driving season when prices are usually at their highest.Pump prices are following crude higher, and refiners are now cutting back on production because the cost of the crude that they convert to fuel has been rising so fast.An Energy Department report set for release at 10:30 a.m. today will probably show that U.S. crude-oil supplies rose 1.91 million barrels in the week ended Oct. 23 from 339.1 million the prior week, according to the median of 16 estimates by analysts before the department’s report.

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