We May See A Downturn in Gas Prices Soon

Jun 1, 2018

It is hard not to notice that gas prices have risen recently. 

Rose White, Public Affairs Director for AAA - The Auto Club Group , says gas in Nebraska is about 56 cents more per gallon – or about $8.50 more per 15-gallon fill-up --than a year ago. 

White says there are a number of reasons for this, including the fact that crude oil costs about $20 more per barrel and gas demand is about 1% higher than a year ago.  Additionally, she says US gas inventories are about 78 million barrels of crude lower than at this time last year.   

White says there is good news, however, and she points out that gas prices held steady over the Memorial Day weekend.   

“Prices may be stabilizing as we head into June. Now, this development comes as crude oil prices start to fall following some of the highest prices in three years. Apparently right now they’re down about $5.00 a barrel compared to where they were just a week ago -- and so, that is good news for all motorists. This recent downturn in crude oil prices – we should start seeing that at the pump in the next week or two if this trend continues.”     

White says AAA is keeping an eye on a couple of global issues that could impact crude oil costs, including the upcoming presidential race in Mexico.  The leading candidate, Lopez Obrador, has claimed to want Mexico to become less dependent on US oil.  White says in that scenario, a lower demand for US crude could lead to lower prices at the pump.

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