Aug 11, 2023 - Business

Indianapolis gas prices stay below average

Data: GasBuddy; Note: Price as of the 1st of each month; Chart: Axios Visuals

A gallon of gas cost $3.66 on average across Indianapolis as of Aug. 1, per GasBuddy.

  • That's below the nationwide average of $3.76, and down 13 cents from Indianapolis' average price in 2022.

The big picture: Nationwide, average gas prices are up a bit from winter months — as expected based on historical patterns — but lower than last year's highs of nearly $5.

Why it matters: America is a nation of car travelers, with the average person driving nearly 13,500 miles per year.

Between the lines: Gas prices ticked up in recent weeks due to excessive heat in Gulf states like Texas and Louisiana, where many of the country's oil refineries are located.

  • "Refineries, which turn crude oil into products like gasoline, don't function as efficiently in 100+ degree weather," Axios' Emily Peck reports.

The latest: The average price per gallon in Indy crept up to $3.75 on Thursday.

Zoom out: Compared to August 2022, gas prices have come down most significantly in Idaho (-14.4%), Nevada (-12.1%) and Massachusetts (-11.0%).

  • They've gone up most significantly in Iowa (+6.1%), Florida (+5.7%) and Georgia (+5.7%).
Change in U.S. gas prices
Data: GasBuddy; Note: Price as of the 1st of each month; Map: Axios Visuals

Be smart: Several factors can drive state-by-state variations in gas prices, including a state's taxes and its proximity to refineries.

  • But state-level gas prices tend to follow the same broader trendlines, with occasional variations.
  • As you can see in the map above, gas prices are generally falling or flat compared to August 2022.

What's next: All eyes are on hurricane season, as severe storms can further disrupt refineries — thus reducing supply and raising prices.

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