Forget Economics 101 when it comes to gasoline

The old rules of supply and demand apparently don’t apply to petroleum anymore. Gasoline consumption rates are down, supplies are up, yet pump prices continue to rise.
Triple-A-Nebraska spokeswoman Rose White says the Husker State continues to creep past the four-dollar mark, despite a drop in the cost of crude. White says, “Crude oil prices in the U-S commodities market retreated nearly nine-dollars a barrel this week after reaching a new record high just prior to the July 4th holiday trading above 145-dollars a barrel.”
White says Nebraska motorists are driving more on long trips, now that summer’s in full swing, though she notes travel for the Independence Day holiday was down nationwide. White says self-service regular unleaded is averaging four-04 in Nebraska, which is up 87-cents a gallon since last July.
Nebraska’s average is seven-cents below the national average of four-11 a gallon. Alaska reports the highest gas prices in the U-S at four-63, while Missouri and South Carolina are tied for the lowest price at three-91.
For more information on fuel prices log on to the AAA website.