Indiana gas prices tumble as demand falls, production increases

Indy-area prices vary

INDIANAPOLIS - Gas prices in Indiana have been on a rollercoaster ride for more than a year, but have fallen markedly over the last few weeks.

AAA said the average price of a gallon of regular unleaded in Indiana is $3.61 a gallon, nearly 50 cents below the same time a year ago and slightly lower than the national average of $3.63.

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Just a few weeks ago, Indiana's average price was more than $3.75 a gallon.

Prices vary widely in the Indianapolis area, with some stations around $3.30 a gallon and others around $3.75.

U.S. oil production increased by 14 percent in 2012, with the U.S. set to overtake Saudi Arabia in oil production by 2020.

At the same time, demand is down in the U.S., where about 8.7 million barrels of oil a day are consumed.

That's the lowest level since 2001, brought on by a shift to more fuel-efficient vehicles.

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