LINCOLN–(KFOR May 7)–AAA Nebraska is reporting the average amount of unleaded fuel per gallon in Lincoln at $4.11, up from the average of $3.04 a gallon a year ago at the same time.
Much of the price surge comes from oil prices surging above $100 a barrel with no exact indication on when the Strait of Hormuz will reopen. AAA Nebraska’s Brian Ortner tells KFOR News there was only a two-cent jump in fuel prices from Wednesday to Thursday, which is a good sign of prices starting to slow and drop. He adds crude oil itself makes up for than 50% of what the cost of fuel is at the pump.
“Markets for trading earlier this week were at $105, $106, $107 a barrel,” Ortner said. “(As of noon Thursday), we’re back below that $100 threshold, which is a great thing to see, around that $95 level.”…