Indiana gas prices went up this week but remain well below the national average, according to GasBuddy’s Head of Petroleum Analysis Patrick DeHaan. DeHaan attributes this to the extension of the use tax holiday and the excise tax holiday, which is set to continue until July 7.

Impact of US-Iran Deal

The potential deal between the US and Iran to reopen the Strait of Hormuz could lead to even lower gas prices in Indiana. However, if the deal falls apart, it may result in higher oil prices. DeHaan advises Hoosiers to watch the price of oil and fill up accordingly.

The US Strategic Petroleum Reserve is at its lowest level since the early 1980s, with releases set to continue into the latter half of the summer. This depletion of strategic reserves could lead to more dramatic oil price increases if the deal with Iran does not materialize.

Original reporting: 93.1 WIBC (Indianapolis) — read the source article.