Spencer Stohler fills a pair of 50-gallon drums with gas at the GetGo convenience market in Edgewood. Stohler said Tuesday that he plans to store the drums so he’ll have gas on hand for his lawn care equipment, ATVs and other vehicles during the next few months. It cost Stohler nearly $450 to fill both barrels and his pickup. Andy Knight | The Herald Bulletin
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ANDERSON — Americans have never seen prices at the pump this high.
Gas rose to $4.25 a gallon Wednesday, according to AAA’s daily survey. It was the second straight day the all-time record fell, and many analysts believe the worst may be yet to come, with some predicting prices as high as $4.50 by Memorial Day — and even higher during the summer.
“It’s hard to see how we don’t flirt with $5 to $6 a gallon here in Indiana,” said Michael Hicks, an economist at Ball State University.
On Tuesday, President Joe Biden announced a U.S. ban on imported Russian oil amid that country’s invasion of Ukraine. The measure, widely called for by members of both parties in Congress, is seen as largely symbolic because less than 10% of U.S. oil and petroleum imports come from Russia.
Still, economists say the short-term repercussions will be severe as jittery markets react to the potential for supply disruptions.
“Up until the invasion of Ukraine, gas prices were high because the economy was really booming,” Hicks said. “Now they’re high because people are afraid we’re going to have some sort of interruption in supply.
“I think we have to just sort of grit our teeth and get through this.”
Across Madison County, residents are acknowledging that the prolonged and staggering price hikes will in some cases mean significant changes to the way they approach their budgets.
“Oil doesn’t just go in your gas tank. It goes in lots of things,” Spencer Stohler said at the GetGo station in Edgewood. “It also goes into the trucks that deliver the goods that we also see are going up. It’s going to get worse.”
Stohler, an engineer who owns land along Ind. 32 between Anderson and Lapel, was filling two 50-gallon drums that he said would serve as his fuel supply through the summer for his mowers, a tractor and some ATVs he and his family own. After filling up his GMC Sierra pickup, his bill was close to $450.
“If (the price) goes down, it’s a risk I’m willing to take,” he said. “I’d rather get caught spending a little bit extra than in a worse situation.”
Stohler said he will look to trim spending elsewhere. He will work from home at least two days a week, cutting out a 70-mile round-trip commute. Plans for family trips are being reconsidered. A boat that he owns likely will sit idle this year.
Other residents seemed more nonchalant about prices.
“I’ve got to pay for gas sometime,” Larry Jackson said as he prepared to fill his vehicle at the Marathon station on Raible Avenue near Nichol Avenue. “You have to pay for it anyway, regardless of what the prices are, so it won’t bother me.”
Jackson, an automated line technician who lives and works in Anderson, said a recent promotion at his job would help offset at least some of the money he’s putting into his gas tank.
“I’ve just been so blessed,” he said. “I’m not changing a thing.”
Stohler said that although he doesn’t want to overreact as prices continue to climb, he’s taking a long view and preparing for things to worsen.
“I’m not panicking, but I’m a planner, so I’m just looking down the road,” he said.
“We’re going to have to play it by ear and plan for it getting worse. You’ve got to keep your eye on things and figure out what you’ve got to do now in order to accommodate what’s coming.”
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