Local gas prices climb, but they're now nearing the peak

Gas prices in the Michiana region have been going through a seasonal climb over the past several weeks, but the peak could be coming soon.

That’s according to Patrick De Haan, head of petroleum analysis at Gas Buddy, who points out that the annual price peak typically occurs this time of year as refineries conduct maintenance and switch over to more expensive summer blends.

Meanwhile, demand also starts picking up as families head off on spring break trips and summer vacations, among other things, De Haan said.

“The transition (to summer blends) is done,” DeHaan said. “Maintenance is ongoing but should be wrapping up soon.”

Except for a major refinery outage or an escalation of hostilities in the Mideast, gas prices should be on par with 2023, De Haan said, adding that the hope would be that prices remain below $4 this year.

One man gassing up on Friday afternoon at Charlies Phillips 66 at 215 E. Cleveland Road, Granger, said he wasn’t thrilled about the seasonal rise in gas prices. However, he’s at a point in life where he’s still going to do what he wants to do, regardless of the price, he added.

On the other hand, Alex Leak of Niles is more sensitive to increases in gas prices because he has a side job delivering for Door Dash. He said he prefers it when gas prices are at $3 and starts cutting any unnecessary travel if prices exceed $4.

De Haan said there are psychological barriers that cause motorists to amend their driving behavior. "Every flat dollar amount has some impact,” he said.

Though that mark was once $4, it’s likely $5 today because people have become accustomed to higher prices, he said, adding that adjustments by motorists only happen when they feel that the cost of a fill up is taking too big a bite from their budgets.

Average gasoline prices in South Bend jumped 15.3 cents per gallon in the last week, averaging about $3.70 Monday, according to GasBuddy's survey of 210 stations in South Bend released Monday morning. Prices in South Bend are 22.7 cents per gallon higher than a month ago and stand 16.1 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in South Bend was priced at $3.23 Sunday while the most expensive was $3.85 per gallon, a difference of 62 cents per gallon. The lowest price in the state yesterday was $2.99/g while the highest was $4.11/g, a difference of $1.12 per gallon.

The national average price of gasoline has risen 4.3 cents per gallon in the last week, averaging $3.64/g today. The national average is up 10.8 cents per gallon from a month ago and stands 1.1 cents per gallon lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

"As the nationwide changeover to summer gasoline is now behind us, at least one of the three factors that had been actively causing prices to rise in the last couple of months is behind us," De Haan said in a release Monday. "However, it may take time for the largest pain point to be over: refinery maintenance. The next few weeks should see many refineries wrapping up their work and gasoline output should rise, putting downward pressure on gasoline prices soon."

Email Tribune staff writer Ed Semmler at esemmler@sbtinfo.com.

This article originally appeared on South Bend Tribune: Gas prices jump in South Bend area, but now nearing a peak