Indianapolis gas prices stay below average
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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.
- Thus, higher gas prices take a bigger toll on our wallets — and contribute to overall inflation.
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%).
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.
- Saudi Arabia's continued oil production cut also stands to increase energy prices.