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Gas prices expected to end their rise; decline could start soon

May 29, 2018 GMT

A steady rise in gasoline prices, including an 8-cent increase last week in the Omaha average, may fizzle out before reaching the $3 mark.

According to GasBuddy.com, average prices at the pump are expected to begin heading down soon.

OPEC appears poised to raise oil production to meet higher global demands, which will result in lower prices, said Patrick DeHaan, a GasBuddy.com analyst.

He said prices in some locations have already started to fall, with more price drops expected to follow.

The national average Tuesday was $2.96 per gallon, up 3 cents from a week ago. Omaha’s average was $2.85, according to gasprices.aaa.com.

Also helping drive down average prices for a gallon of regular unleaded, DeHaan said, was the price of crude oil trading at just under $67 a barrel, which is $5 less than a week ago.

Gas prices should continue to move lower this week and perhaps into next week, he said, as long as the gas and oil markets remain stable.

Also Tuesday, Nebraska’s average for a gallon of regular unleaded was $2.86, a rise of 5 cents from a week ago; Iowa’s average was $2.84, a 2-cent hike over last week, according to gasprices.aaa.com.