Gas prices continue their descent, but may have bottomed out

Average retail gasoline prices in Nebraska have fallen 4.5 cents per gallon in the past week, averaging $1.93 per gallon on Monday, according to GasBuddy's daily survey of 1,150 gas outlets in Nebraska.

This compares with the national average that has fallen 5.8 cents per gallon in the last week to $2.05 per gallon.

In Sidney, gas prices continue to be among the lowest in the nation. Western Convenience is selling unleaded for $1.61 per gallon, while Thrifty's is at $1.64. There are several other locations under $2 per gallon as well.

Including the change in gas prices in Nebraska during the past week, prices Monday were $1.24 per gallon lower than the same day one year ago and are 51.6 cents per gallon lower than a month ago. The national average has decreased 39.4 cents per gallon during the last month and stands $1.24 per gallon lower than this day a year ago.

"The light at the end of the tunnel is dimming as gasoline prices have nearly caught up with the drop in crude oil prices," said Patrick DeHaan, senior petroleum analyst with GasBuddy. "Last week saw a rally in oil prices Wednesday, before caving again Thursday, then rallying again Friday – a sign that perhaps we've seen a bottom in oil prices, and perhaps thus a bottom in gasoline prices as well."

"We'll certainly be watching the price of oil during this shortened trading week, and if oil fails to continue declining, it's likely that it won't get much better at the pump," DeHaan said. "And while that may sound negative, it certainly has been a great ride for motorists: the national average stands some $1.24 per gallon lower than a year ago, and just one in 20 stations has a price over $2.50 per gallon while last year saw 100 percent of stations over that level.

"The bright spot remains, however, for diesel consumers. Diesel prices have eclipsed the decline in gasoline prices, with prices averaging a drop twice that of gasoline in the last week. Diesel now sells for an average of $2.89 per gallon and will fall another 10 to 25 centers per gallon in the next few weeks."

Some quick gasoline price statistics as of Monday:

• Missouri has the lowest state average in the country; at $1.75 today, it is one of 26 states averaging under $2 per gallon.

• There is only one state averaging above $3 per gallon today – Hawaii at $3.32.

• In the lower 48 states, California has the highest average at $2.498, followed by New York at $2.494.

• Every state has a lower average today than the same day last year. Michigan, at $1.911 today, has seen the biggest drop from the same day last year, down $1.40 from its Jan. 19, 2014, average.

• Only two states have averages less than $1 lower than last year: Alaska (86 cents lower) and Hawaii (71 cents lower).

• There are only three states that don't have a single station reporting a price under $2 per gallon – Vermont (lowest station reporting $2.09), Alaska ($2.53) and Hawaii ($2.86).

• Of the 48 states (including Washington, D.C.) with at least one station reporting a price under $2 per gallon, 42 of them have more than 15 stations reporting under that threshold.

• 22 states don't have a single station above $3 per gallon – including Nebraska.