OMAHA – It’s been over five years, but the average price for a gallon of regular unleaded gasoline in Nebraska has again surpassed $3.
According to a release from The Auto Club Group (ACG), this is the first time in six years as peak summer driving season is in full-swing. ACG is the second largest AAA club in North America.
As Nebraskans hit the road to explore, gas prices are not backing down. As of Thursday, July 15 the $3.01 average was up 10 cents from one month ago and 88 cents from this time last year. Nebraska’s average remains 15 cents below the national average of $3.16.
The last time Nebraska motorists paid a statewide average of more than $3 for gas was November 16, 2014.
At 10 million barrels per day (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 still increase in late July, which will only lead to more expensive pump prices, especially amid robust demand.
AAA’s mission is to protect and advance freedom of mobility and improve traffic safety.
For more information on gas prices and a gas price calculator for trip planning, visit www.AAA.com/gas.