The Labor Department reported Tuesday that its producer price index—which measures inflation before it hits consumers—rose 0.6% last month from September, pushed higher by surging gasoline prices.
Citizens Energy Group said it would use various measure to keep prices down even though the market price for natural gas is about double the level of last fall.
The national average for a gallon of gas is now almost 5 cents higher than a month ago and 92 cents higher than this time last year. The increases are even higher in Indianapolis.
According to crowdsourced data from the gas-station-finder app GasBuddy, fuel shortages were reported in 14 states as of Thursday afternoon.
From Virginia to Florida and Alabama, fuel stations are reporting that they’ve sold out of gasoline as supplies in the region dwindle and panic buying sets in.
Plastic, paper, sugar, grain and other commodities are all getting more expensive as demand outpaces supply. Companies are also paying more for shipping as fuel costs rise and ports experience longer delays because of congestion.
A deep freeze in the Gulf state region and beyond that killed dozens of people, left millions without power and jeopardized drinking water systems also forced as many as 11 refineries offline, according to travel app GasBuddy.
Demand is weak because so many Americans are under shelter-in-place rules and businesses have been closed because of the coronavirus outbreak.
Should the recovery take weeks or months, the impact could be far-reaching. Higher fuel prices can not only motivate consumers to cut spending elsewhere but also ultimately reach into virtually every corner of the economy.
Indianapolis International Airport has been on a roll in recent years, seeing strong increases in passenger traffic and direct flights. But now jet-fuel prices are on the way up, threatening to slow the airport’s progress.
Indiana is heading into the Memorial Day weekend tied with California for the largest gas price increase in the United States over the past year.
Massive flooding caused by Tropical Storm Harvey along Texas' refinery-rich coast could have long-standing and far-reaching consequences for the state's oil and gas industry and the larger U.S. economy.
Indiana’s gas tax will increase by 10 cents a gallon under House Enrolled Act 1002, which goes into effect Saturday. The tax will jump from 18 cents to 28 cents a gallon.
American drivers are preparing to hit the road this Fourth of July as seasonal gas prices plunge to their lowest in 12 years.
The increases affect everything from notary services to teacher background checks to fuel prices, such as a 10 cents-per-gallon gasoline tax increase starting July 1.
The 2017 increase likely won't be large. But a range of local companies, from logistics providers to auto auctioneers, will be keeping an eye on the situation.
The hike mostly results from an agreement Nov. 30 by major oil-producing countries to slash output.
After a six-year run-up for the Indianapolis-based oil refiner that saw its revenue nearly double, the company has eliminated about 25 jobs, 2 percent of its workforce, in recent months.
GasBuddy said the statewide average for regular unleaded gas was $1.80 per gallon Monday morning, the lowest price this year. That’s down 97 cents from last year’s average price.
Seasonal swings and other factors will likely send gas back over $3 sooner than drivers would like, but the U.S. is on track for the lowest annual average since 2010—and the 2015 average is expected to be lower even still.
