Nebraska

Gas prices will continue the increasing trend, Nebraska residents might soon see $4 per gallon

Lincoln, Nebraska – Gas prices across the country have been on the rise for a few weeks now, a trend that is not expected to slow down anytime soon.

The high prices are one of the major reasons for increasing prices on goods and services, rising living costs and inflation especially hitting low and middle-income families in America.

Nebraskans are currently paying close-to-record gas price and according to experts, the gas price in the state of Nebraska might soon reach $4 per gallon.

Just a year ago, a gallon of gas in Lincoln was sold for $2.52. For comparison, in January the average gas price was $3.16 a gallon. Today, Lincoln residents are paying $3.43 a gallon, almost a 30-cent increase in just 30 days.

According to the experts, the increasing trend started nearly a year ago because of the rising demand as the world started re-opening for the first time since the start of the pandemic. However, the gas prices further increased in the last month and a half because of the tension between Russia and Ukraine, something that every single country in the world feels.

“We’re still going to be in this COVID-19 influenced era, probably for another 12 to 18, maybe 24 months,” Petroleum Analyst for Gas Buddy, Patrick De Haan said, “There’s been a lot of imbalances brought on from the pandemic that are just really taking a long time to resolve and even with inflation going up, Americans aren’t showing any signs of slowing down their purchasing and that’s part of the problem.”

Current gas prices in Lincoln are just 9 cents lower compared to the national average which sits at $3.52 a gallon.

Historically looking, gas prices usually rise in March when most of the countries reopen and the demand rises because people start traveling more as a result of the better weather. However, that might not be the case this year because gas prices are currently affected the most of the tensions at the Russia-Ukraine border.

“Even if there is some improvement in the Russia situation, I do think prices will continue to go up,” De Haan said, “On an average year between March and Memorial Day, prices go up anywhere from 25 to 75 cents. If we get the high side of that this year they could put prices in Lincoln at or above the $4 a gallon mark. If Russia does invade Ukraine, it could get uglier than that as well.”

All in all, Americans should expect higher gas prices at least for a while before we might end up seeing lower prices.

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