Fuel Prices Drop, But Will Trend Continue?

After months of increasing prices, the cost of fuel is now dropping. Nebraska is once again seeing prices of less than $4 a gallon at the pump.But is it enough and will the trend continue?According to a recent report by AAA (American Automobile Association), demand could increase, “But a slight uptick in gas demand as more people fuel up could end the steady drop in daily pump prices.”“We know that most American drivers have made significant changes in their driving habits to cope with high gas prices,” said Andrew Gross, AAA spokesperson, earlier this month. “But with gas below $4 a gallon at nearly half of the gas stations around the country, it’s possible that gas demand could rise.”Another major contributor to uncertainty about fuel prices is the ongoing war between Russia and Ukraine. According to the Brookings Institute, oil was selling for around $60 a barrel in early 2021 as the economy was slowly recovering from the COVID-19 pandemic. After Russia invaded Ukraine, the cost rose above $100 a barrel.Fuel costs impact virtually every aspect of American life, as local community leaders are learning. It is now budget season and fuel costs have been cited as a major struggle. At the Jefferson County Commissioners meeting on June 21 of this year, the county highway department reported they are about 20 percent over budget on fuel costs.Commissioner Mark Schoenrock has stated multiple times that he anticipates this year to be the most challenging budget since he joined the board.

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