Despite slight rise, gas still under $2.00 a gallon

FORT WAYNE, Ind. (WANE) – Average retail gasoline prices in Fort Wayne have risen 12.3 cents per gallon in the past week, averaging $1.99 a gallon on Sunday, January 11, 2015 according to GasBuddy’s daily survey of 201 gas outlets in Fort Wayne. This compares with the national average that has fallen 5.4 cents per gallon in the last week to $2.12 a gallon according to gasoline price website GasBuddy.com which supplies data for wane.com’s Gas Gauge.

Including the change in gas prices in Fort Wayne during the past week, prices Sunday were 141.5 cents per gallon lower than the same day one year ago and are 46.7 cents per gallon lower than a month ago. The national average has decreased 48.6 cents per gallon during the last month and stands 118.7 cents per gallon lower than this day one year ago.

“All in all, it wasn’t a bad week for motorists filling their tanks. Since last week, some 12,000 stations dropped their price under $2 a gallon, with 45.1% of all gas stations (nearly 61,000) now selling under the $2 a gallon mark. The national average currently stands at its lowest since May 9, 2009, a date that saw 8.9% unemployment and Phil Jackson coaching the Los Angeles Lakers toward the NBA title,” said Patrick DeHaan, senior petroleum analyst with GasBuddy. “This time around, the drop in gasoline is far more joyous and isn’t overshadowed by a polar plunge in the economy. And it doesn’t stop there. Overnight, the average price for diesel fuel in the U.S. dropped under $3 a gallon for the first time since October 2, 2010, and will shed yet another 25-50 cents per gallon before reaching a bottom. Meanwhile, various domestic mid-continent crudes have dropped to the $30 a barrel range, or in the “danger zone”- territory where oil companies are starting to cut back on operations- a zone that could ultimately result in a slingshot back in prices down the road,” DeHaan noted.

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