One year ago, Indiana residents paid an average of $4.17 per gallon for gas at local gas stations, but experts say that high won’t be challenged any time soon, the Indianapolis Star reported.
Purdue University Professor Wally Tyner, a specialist in energy production and policy, told the Indianapolis Star he expects per-gallon pump prices to remain between $2.20 to $2.70 for the rest of 2009.
According to AAA and Oil Price Information Service, gas today averages just over $2.46 a gallon, a roughly 41% drop compared to a year ago.
Greg Seiter, spokesman for AAA Hoosier Motor Club, said breaking the $4 barrier last summer was a “very significant psychological milestone for many Americans because, quite honestly, I don’t think many of us who were driving even three years ago ever thought we would see gas that expensive.”
He added the price increase changed the way a lot of motorists think. Many turned to carpooling while others began driving smaller, more gas-efficient automobiles.
Scot Imus, executive director of the Indiana Petroleum Marketers and Convenience Store Association, said no one liked $4 gas, least of all c-store operators because consumers didn’t have extra money to spend inside the stores, and retailers had little profit margin. ”Most experts predict that crude is pretty much going to stay where it is now…and the fact of the matter is that $70 a barrel crude prices translate to where we are at the pump.”