You’re not imagining it: Gas has never cost more in Indiana

INDIANAPOLIS — It’s by no means value extra to purchase a gallon of unleaded fuel in Indiana.

In line with AAA’s fuel value tracker, the state’s common value of a gallon of standard gasoline is $4.522 as of Might 17. The nationwide common as of Might 17 is $4.523.

AAA lists the $4.522 value because the “highest recorded common value” for a gallon of standard unleaded in Indiana. The best recorded value for a gallon of diesel is $5.384. Each of these costs are listed with the date of “5/17/22.”

Hoosiers residing nearer to Chicago are paying probably the most for fuel proper now. AAA reveals the typical value per gallon is $4.817 for the Michigan Metropolis/La Porte space and $4.767 for Gary.

One yr in the past, the typical value of standard unleaded fuel was $2.962 for Hoosiers.

Causes for the record-breaking fuel value embrace inflation, a ban on Russian oil imports, and the value of crude oil at round $113 a barrel. Crude oil value $64 a barrel one yr in the past, as proven on Buying and selling Economics.

Enterprise Insider says another excuse behind the rise is the next “crack unfold” – the price of oil refineries breaking down crude oil into the fuel we use on the pump.

Indiana can also be considered one of a handful of states that has a state fuel gross sales tax. As FOX59 reported final week, the fuel gross sales tax is 7% of the statewide common value of a gallon of fuel and is recalculated month-to-month. It’s at present $.241. Add that to the fuel excise tax of $.32, and Hoosiers pay 56.1 cents per gallon.

Democratic state lawmakers have known as for Governor Eric Holcomb to droop Indiana’s fuel excise tax and fuel gross sales tax for not less than three months.

A spokesperson for AAA has stated fuel costs are more likely to rise once more for Memorial Day weekend.