Gas Price Volatility

FORT WAYNE, Ind. (WOWO) — Many gas stations in Indiana could see another price cycle in the next 24 to 48 hours with the war in Iran continuing to be a factor.

“They may go back up to $3.99 or as high as $4.19,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

DeHaan says demand is going up and refineries are doing their seasonal maintenance.

“The rollout to summer gasoline is essentially complete,” said DeHaan.

Summer gasoline has lower volatility to reduce emissions, while winter gasoline has higher volatility to ensure easier engine starts in cold temperatures.

As for the war in Iran, DeHaan says the biggest thing to pay attention to is the Strait of Hormuz.

“Oil prices probably won’t meaningfully decline until there is clarity on whether or not oil will start flowing through the Strait of Hormuz,” said DeHaan.

That’s why DeHaan will be watching President Trump’s speech closely tonight to see if he has a plan for the war in Iran or a way to get the Strait opened.

Another thing DeHaan has been paying attention to is the BP refinery in Whiting, Indiana, which is facing a lockout involving about 800 workers since March 19, 2026.

DeHaan says that situation is not affecting prices.

“BP has been operating that refinery like normal. BP has made preparations for this situation for over a year, they said. It does not appear to be having any impact on supply or prices,” said DeHaan.

Indiana Governor Mike Braun has called on BP to get a deal done with its workers in Whiting.

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