Indiana gas prices near $4, relief may take months even if global supply improves

LOUISVILLE, Ky. (WDRB) — Drivers across Indiana are once again facing rising gas prices, with the statewide average creeping toward the $4 mark.

According to AAA Hoosier Motor Club, prices haven’t hit this level since 2022, when global markets were shaken by the Russia-Ukraine conflict.

Economists said even if global supply issues ease, drivers shouldn’t expect quick relief at the pump.

A key pressure point is the Strait of Hormuz, one of the world’s most important oil transit routes. Experts said disruptions there ripple quickly into U.S. prices.

Indiana economist Andreas Hauskrecht said many Americans misunderstand how connected the U.S. is to global oil markets.

"Some people mistakenly think that the U.S. can shelter itself from world oil prices. That is incorrect," Hauskrecht said. "Although we are the biggest producer of oil, we also import some kind of oil."

Even if conditions stabilize, economists said it could take months for prices to settle and the "new normal" may still be higher than what drivers were used to before the war.