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AAA Hoosier Motor Club Gas Gauge
(June 11, 2008)

National Unleaded Retail Gas Price Averages

Indiana’s Unleaded Retail Gas Price Averages

Highest Recorded Price:

Retail Gas Price Averages (Indiana Metro)
Updated average prices for unleaded retail gasoline in some Indiana metro areas can be found online through AAA’s Daily Fuel Gauge Report site. Please click on View Indiana Metro Areas.


Retail Gas Price Averages (State-by-State)
Updated state-by-state unleaded retail gasoline price averages can be found online through AAA’s Daily Fuel Gauge Report site. Please click on View State-by-State Averages.


Market Overview
Last Friday’s massive increase in the price of oil—a seven percent jump of $11 per barrel in one day to a new record high of $138.50 per barrel—resulted in a substantial gas price increase.

Since that time, oil prices have dropped back a little. In fact, NYMEX West Texas Intermediate Crude Oil for July delivery closed at $131.31 per barrel yesterday.

Finding a coherent reason for Friday’s large spike in the oil price is difficult. On that day, traders cited a news report that Israel was seriously considering an attack on Iran as the main market mover, coupled with more weakness in the U.S. dollar.

Now that Israel has tried to soften its position on Iran and the dollar has strengthened a bit since Friday, analysts are saying the high price is due to a global oil shortage being forecast by several large investment banks.

It is important to note, however, according to the Reuters news organization, OPEC’s secretary general, Abdalla Salem el-Badri, said yesterday the record-high oil price was “unbearable” and “there is no shortage now and in the future.” 

He also said, “We are not happy with the current level of price for one reason. It has nothing to do with the fundamentals.” Additionally, he reportedly told Dow Jones the oil cartel has “very reasonable spare capacity of 3 million barrels a day.”

This statement, coupled with an ongoing reduction in demand for petroleum in the United States, seems like it would have more of a moderating influence on oil prices in the commodity futures markets, but it has not.

15 Ways to Stretch a Tank of Gas

One of the primary benefits of keeping a car properly maintained is maximizing fuel mileage. According to recent statistics, a neglected car can increase fuel consumption by 10 to 20 percent. Of course, individual driving habits also make a difference. The U.S. Department of Energy reports that practicing fuel efficient driving techniques can improve fuel mileage by more than 10 percent.

• Be sure your tires are properly inflated. Under inflated tires can cause fuel consumption to increase by 6 percent. Check your tires with a gauge regularly. Radial tires can be under inflated and still look normal.
• Keep your suspension and steering in proper alignment and make sure your brakes are properly adjusted to minimize rolling resistance.
• Change your motor oil as recommended by the vehicle manufacturer.
• Check and replace air filters. Clogged filters can cause up to a 10 percent increase in fuel consumption.
• Follow the recommended engine maintenance schedule in your owner’s manual to ensure optimal engine performance and to conserve fuel.
• Don't use premium fuel if your car doesn’t require it. The expense is not necessary.
• Observe the speed limit. As you drive faster, aerodynamic drag increases. As a result, at speeds above 55 mph, fuel economy decreases rapidly.
• Use your overdrive gears during highway driving. This decreases your car’s engine speed, reducing fuel consumption and engine wear.
• Take advantage of cruise control features to help you maintain a constant speed when traveling on highways.
• Avoid hard acceleration and drive defensively; try to brake and accelerate smoothly.
• Idling unnecessarily wastes fuel.
• Run errands with a plan. Try to make one trip instead of three.
• Take a load off your wheels. A vehicle weighed down with heavy items can increase fuel consumption by 1 or 2 percent.
• Travel light. A loaded roof rack can decrease fuel economy by 5 percent.
• If possible, take advantage of carpools or ride-share programs.

AAA

AAA Hoosier Motor Club is a fully tax-paying, not-for-profit corporation that offers a wide range of services. The 405,000-member affiliate of the American Automobile Association (AAA) works for the improvement of motoring and traveling conditions within its 50-county Indiana territory. AAA is the largest motoring and traveling organization in the world with more than 51 million members.

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