Average Nebraska gas prices pass $3 mark

“Peak summer driving season is in full-swing as Nebraskans hit the road to explore, and gas prices are not backing down,” said Nick Faustman, AAA spokesperson. Today’s $3.01 average is up 10 cents from one month ago and 88 cents from this time last year; however, it remains 15 cents below the national average of $3.16, according to AAA. The last time Nebraska motorists paid a statewide average of more than $3 for gas was Nov. 16, 2014.

At 10 million b/d, gasoline demand reached a new Energy Information Administration (EIA) record last week, and that number only partially reflects Independence Day holiday weekend travel. The nearly 1 million b/d jump in demand drove down gasoline supplies by 6.1 million bbl to 235,000 million bbl and has consequently pushed the national average pump price up to its current level.

The price of crude oil, which fluctuated some following OPEC’s failure to reach an agreement on production increases, continues to be a dominant factor in determining how high prices will go this summer. Last week ended with higher crude prices than the start, though still under $75/bbl. AAA believes those prices have the potential to increase this week, which will only lead to more expensive pump prices, especially amid robust demand.