TERRE HAUTE, Ind. (WTWO/WAWV) — The current national average for a gallon of gas is just over $4, with the average for Indiana sitting at $4.14. However, some places in Terre Haute are hitting $4.25.
People in Illinois are seeing even higher numbers Tuesday, with an average of $4.42. Indiana State University Economics Professor Robert Guell said it is very likely that prices will get significantly higher fairly quickly.
Guell said the Biden administration’s announcement that the US would suspend imports of oil from Russia, along with the administration’s policy in regard to climate change, are reasons for the fast incline. He also said the COVID-19 pandemic plays a factor, because the price of oil sat very low for a very long time.
“Right now, I do not see any realistic scenario for gasoline back in the normal world of high 2’s, low 3’s for many many months,” Guell said.
Other states such as California are seeing averages of over $5 a gallon.
