INDIANAPOLIS — The average gas price in Indianapolis continued falling over the past week, according to GasBuddy's survey of more than 650 stations in the metro area.
A gallon of regular gas was averaging $4.06 on Monday, with the lowest price reported at $3.69 per gallon on Sunday and the most expensive running $4.45 per gallon.
Across the state Sunday, the lowest price reported was $3.53 per gallon with the highest-priced gallon selling for $4.69.
Indiana's price decrease of 7 cents over the past week beat the national average drop of 5.4 cents per gallon.
"Oil prices fell last week as COVID cases in China surged, prompting restrictions on movements and hurting oil demand," said GasBuddy's head petroleum analyst Patrick DeHaan.
President Biden's announcement that the U.S. would be releasing 180 million barrels from the Strategic Petroleum Reserve led to an even further decline in oil, so gas prices fell most everywhere in the U.S.
DeHaan mentioned $100 per barrel of oil as a benchmark to watch. If the price per barrel stays below that, and Russia's war in Ukraine does not escalate, "We may be poised to see gas prices decline again this week as the U.S. and other countries try to raise oil supply to tip prices lower," he said.