14
July
2021
|
17:00 PM
America/Chicago

Nebraska Gas Average Passes the $3 Mark

For the first time in six years, the average price for a gallon of regular unleaded gasoline in Nebraska has surpassed $3.

"Peak summer driving season is in full-swing as Nebraskans hit the road to explore, and gas prices are not backing down," said Nick Faustman, AAA spokesperson. Today's $3.01 average is up 10 cents from one month ago and 88 cents from this time last year; however, it remains 15 cents below the national average of $3.16, according to AAA. The last time Nebraska motorists paid a statewide average of more than $3 for gas was Nov. 16, 2014.

At 10 million 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 increase this week, which will only lead to more expensive pump prices, especially amid robust demand.

As pump prices continue to increase, AAA members can save at the pump by joining the Fuel Rewards at Shell program at AAA.com/Shell. Members save 30 cents per gallon on their first fill-up when they join between now and August 31, 2021. As part of the Fuel Rewards program, AAA Members earn Gold Status ongoing and save five cents per gallon every day on each individual gas purchase of up to 20 gallons from participating Shell stations with no minimum fill ups.

For more information on gas prices and a gas price calculator for trip planning, visit www.AAA.com/gas.