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Gas prices

Local gas prices are creeping closer to falling below $2 a gallon for the first time since August 2017.

Gas prices have been dropping like a rock, raising the prospect of sub-$2 gas in the Lincoln area.

According to AAA, Nebraska tied with Iowa for the largest one-month drop in prices as of Monday -- 46 cents.

The drop in Lincoln was not quite as steep over the past month -- 45 cents -- but many stations are creeping closer to the $2 level, even though the average price is still $2.24 a gallon.

As of Tuesday, the GasBuddy website listed one station in Lincoln selling regular unleaded at $1.99 a gallon -- the Gulf station at 3100 N.W. 12th St. -- although that's a cash-only price that's only available on certain pumps.

Three other stations were at $2.09 and one was at $2.11, according to the website.

The last time prices dipped below $2 a gallon in Lincoln was in August 2017, when a north Lincoln gas war led to prices as low as $1.80 a gallon for a few days.

The recent drop in gas prices has largely been due to a drop in oil prices, which dipped below $50 a barrel last week, down more than $25 a barrel since October, before rebounding slightly this week.

Nebraska is one of 27 states where there are stations selling gas for less than $2 a gallon, according to Patrick DeHaan, head of petroleum analysis for GasBuddy.

However, DeHaan said the low prices aren't likely to last long.

Oil prices may go higher this week, depending on whether OPEC decides at its meeting on Thursday to cut production. A potential trade deal between the U.S. and China also could increase global demand for oil and push prices higher.

Still, DeHaan said, "Americans will likely see falling prices at least for one more week."

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Reach the writer at 402-473-2647 or molberding@journalstar.com.

On Twitter @LincolnBizBuzz.

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Business editor/reporter

Matt Olberding is a Lincoln native and University of Nebraska-Lincoln graduate who has been covering business for the Journal Star since 2005.

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