Total gas prices currently spiking ahead of the Holidays

23 December 2020

Beginning on January 1, Nebraska’s gas tax rate will be 28.7 cents per gallon, marking a decrease of 4.5 cents per gallon.  This is good news for Nebraska motorists, who are currently seeing total gas prices spike ahead of the holidays. 

 

The current average price per gallon is $2.21 in Nebraska, up from $2.04 last month.  Despite this increase, gas prices remain 23 cents cheaper than last year at this time.

 

Pump prices across the country are getting more expensive as we head into the last weeks of the year. Since Monday, the national gas price average has jumped six cents to $2.22. While not the most expensive price we’ve seen this year, it is the highest national average since mid-September.

 

Two factors have contributed to driving up the price at the pump: rising crude oil prices and tightening supply. The domestic price of crude (WTI) has been steadily rising since November, with prices topping $49/bbl. Prices have not been this expensive since February, before stay-at-home guidance was introduced across the country. Prices began to rise last month alongside vaccination news and have only increased with it becoming available.