Gas prices keep going up

Average retail gasoline prices in Nebraska have risen 8.4 cents per gallon in the past week, averaging $1.92 per gallon yesterday, according to GasBuddy’s daily survey of 1,150 gas outlets in Nebraska. This compares with the national average that has increased 6.8 cents per gallon in the last week to $1.81 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Nebraska during the past week, prices yesterday were 49.9 cents per gallon lower than the same day one year ago and are 18.5 cents per gallon higher than a month ago. The national average has increased 7.6 cents per gallon during the last month and stands 64.4 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on March 7 in Nebraska have ranged widely over the last five years: $2.42 per gallon in 2015, $3.48 per gallon in 2014, $3.69 per gallon in 2013, $3.74 per gallon in 2012 and $3.57 per gallon in 2011.

Areas nearby Nebraska and their current gas price climate:

Lincoln - $1.98 per gallon, up 11.0 cents per gallon from last week’s $1.87 per gallon.

South Dakota - $1.86 per gallon, up 5.9 cents per gallon from last week’s $1.80 per gallon.

Omaha - $1.85 per gallon, up 4.5 cents per gallon from last week’s $1.80 per gallon.

“Taking a cue from the prior week’s price rebound, retail gasoline prices continued its upward push by increasing nearly 9 cents per gallon on average nationwide,” said Will Speer, GasBuddy senior petroleum analyst. “While most of the gasoline market was pricing in the premium associated with the transition to summer-blend gasoline, last week’s strength in crude futures prices provided no relief for the rising gas prices. Although crude oil production fell to the lowest since November 2014, crude and petroleum stocks remain the highest ever recorded in U.S. history. This oversupply will provide a ceiling for gas prices over the next couple of months as spring refinery maintenance and the summer-blend gasoline transition put upward pressure on prices.”

For live fuel price averages, visit http://media.gasbuddy.com.