By Friday, gas stations will see a price hike to $2.19-$2.29 per gallon, representing a hike of 45-60 cents a gallon for the cheapest stations in these states, according to GasBuddy.com.
The likely price jump will be significant for stations selling at the lowest prices, as they're losing the most money.
"I would expect that in some cases, stations selling in Lafayette, IN, for example, at $1.66 per gallon could raise their price nearly 60 cents per gallon. It's likely they're selling somewhere 20-40 cents per gallon under cost to stay competitive, but that hemorrhaging will soon end and the station will restore some measure of sanity," said Patrick DeHaan, a senior petroleum analyst at GasBuddy. "The price cycling behavior is defined by this craziness, and the lower stations drop their price, the more people will believe a "normal" price seems insane."
Several stations in Indiana, Ohio and Kentucky have dropped as low as $1.66 per gallon, the lowest in the nation by far.
"This could be the season's lowest pricing as refiners discount winter gasoline to incentivize stations and motorists to take it off their hands," DeHaan said.
Steve Stacey lives in Springfield and drives to New Carlisle for work, meaning he often stops to fill up his tank three times a week.
"That's crazy," Stacey said when he heard prices might jump significantly soon. "It's very frustrating, especially if you're on a fixed budget."
He suggested residents call their U.S. Representatives if they’re upset about the hike.
Aaron Lough of Urbana said he's noticed the prices drop recently but said a spike of 40 to 60 cents a gallon would be "nuts."
"It's hard to keep consistent," he said. "It's a difference between $25 a tank to $35, $40. I do a lot of travelling."
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