Gas prices fall over 5 cents

Average retail gasoline prices in Nebraska have fallen 5.2 cents per gallon in the past week, averaging $1.99 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 1.7 cents per gallon in the last week to $2.01 per gallon, according to gasoline price website GasBuddy.com.

Areas nearby Nebraska and their current gas price climate:

Lincoln- $2.12 per gallon, down 4.5 cents per gallon from last week’s $2.17 per gallon.

South Dakota- $1.98 per gallon, down 2.5 cents per gallon from last week’s $2.00 per gallon.

Omaha- $1.98 per gallon, down 6.5 cents per gallon from last week’s $2.05 per gallon.

Including the change in gas prices in Nebraska during the past week, prices yesterday were 53.0 cents per gallon lower than the same day one year ago and are 25.2 cents per gallon lower than a month ago. The national average has decreased 15.8 cents per gallon during the last month and stands 53.3 cents per gallon lower than this day one year ago.

“We are going to end this year with the lowest gas prices since 2008, and people want to know can it get even lower? Yes, it can,” says Jeff Pelton, senior petroleum analyst for GasBuddy. “There is simply too much crude oil out there for gas prices not to decline. The national price decline has stalled and recently nudged up a hair based on localized spikes in the Great Lakes region. But, the good news is this too shall pass. Expect refineries to do their part to get through the glut of crude on hand and that will put pressure on gas prices to fall the next month or so. Unfortunately, not only does Spring bring with it more accommodating weather, it also brings higher gas prices based upon the 1-2 punch of Spring maintenance and the switch-over to more expensive summer blends.”

For a complete listing of current averages and other fuel price data, visit http://media.gasbuddy.com. For fuel news and alerts, follow @GasBuddyNews on Twitter.