Local gas prices, which shot up more than 70 cents per gallon in the first two months of the year, have stabilized and are starting to fall.
According to AAA, regular unleaded gasoline was selling for just less than $3.72 per gallon on average in Lincoln as of Monday. That's 7 cents less than a week ago and 3 cents cheaper than a year ago. However, it's 17 cents higher than a month ago.
That's not a whole lot of relief, considering the huge surge in prices to start the year, but there is likely to be some more coming in the next couple of weeks.
AAA Nebraska spokeswoman Rose White said oil and gas prices have been very volatile and unpredictable lately, but signs point to prices dropping further in the next week or two. Crude oil prices have fallen about $8 per barrel in the past month, and prices dropped below $90 per barrel Monday for the first time this year. White also said there was an additional 2-cent drop in wholesale gasoline prices Monday.
She said the hope is that prices will continue to drop or at least stay steady for the next month or two until demand rises at the start of the summer driving season.
GasBuddy.com Senior Petroleum Analyst Patrick DeHaan said it's good news that prices have stabilized and are now below year-ago levels.
"And perhaps the best news is that the national average will likely continue to decline in most areas east of the Rockies in the week ahead, as wholesale gasoline prices have given up ground," DeHaan said in a news release Monday.