Gas prices

Gas prices are at their lowest level locally since early April.

If you've been thinking gas prices have been plummeting lately, your eyes aren't deceiving you.

According to AAA, prices for regular unleaded gas in Nebraska have fallen a dime on average in the past week, which tied with Iowa for the third-biggest drop among all the states.

Over the past month, statewide gas prices have fallen 28 cents. Gas prices locally also have plunged, with Lincoln prices down 9 cents in the past week and 29 cents in the past month, according to AAA. As of Monday, local prices were even with where they were last year at this time.

The state and local price declines are part of a nationwide trend that is largely because of a drop in oil prices.

Oil prices have tumbled more than 20 percent in the past month and are on their longest losing streak in more than three decades, Patrick DeHaan, head of petroleum analysis for GasBuddy, said in a news release Monday.

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"Every single day, Americans are spending nearly $100 million less than just 30 days ago — a significant and impressive feat," DeHaan said.

In Lincoln, gas prices have not been this low since early April. The good news is they could continue to drop further.

"Prices could plunge even lower, especially if we see a surge in gasoline production after refiners fully restart units from the fall maintenance season,” AAA spokeswoman Jeanette Casselano said in a news release.

Oil prices did bounce back Monday, and Saudi Arabia announced it will cut production next month, and other members of the Organization of Petroleum Exporting Countries could decide to follow suit.

"The plummet at the pump may continue for now, but all eyes will be on OPEC to see what move they make to pump oil prices back up," DeHaan said.

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

On Twitter @LincolnBizBuzz.


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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