Gas prices begin to fall

Average retail gasoline prices in Nebraska have fallen 2.3 cents per gallon in the past week, averaging $2.06 per gallon yesterday, according to GasBuddy’s daily survey of 1,150 gas outlets in Nebraska. This compares with the national average that has fallen 1.2 cents per gallon in the last week to $2.04 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Nebraska during the past week, prices yesterday were 29.0 cents per gallon lower than the same day one year ago and are 6.2 cents per gallon higher than a month ago. The national average has increased 15.6 cents per gallon during the last month and stands 34.9 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on April 11 in Nebraska have ranged widely over the last five years:

$2.35 per gallon in 2015, $3.55 per gallon in 2014, $3.48 per gallon in 2013, $3.85 per gallon in 2012 and $3.81 per gallon in 2011.

Areas nearby Nebraska and their current gas price climate:

Lincoln – $2.09 per gallon, down 5.8 cents per gallon from last week’s $2.15 per gallon.

South Dakota – $2.01 per gallon, down 0.5 cents per gallon from last week’s $2.02 per gallon.

Omaha – $2.05 per gallon, down 0.5 cents per gallon from last week’s $2.06 per gallon.

“It’s especially rare in April to see the average price of gasoline dead even or slightly lower in some places than where it was in the prior week… and as encouraging as that news certainly is for U.S. motorists, unfortunately, it’s more of an anomaly than a trend.  But it’s still a very good harbinger of the savings 2016 is expected to bring,” said Gregg Laskoski, senior petroleum analyst for GasBuddy.   

“What caused it?  We’ve been fortunate that 2016 delivered a successful and largely uneventful transition by refineries to the ‘summer blend’ fuel formulation which has been completed in California and is nearing completion almost everywhere else.  Concurrent output through March and early April matches levels not seen since 2005,” Laskoski added.  “So the healthy inventory in advance of demand has helped flatten prices, but we don’t expect that to last when summer travel kicks into high gear.”    

For LIVE fuel price averages, visit media.gasbuddy.com.