- Nebraskans may be paying more to fill the gas tank soon. Oil prices are back to the $50 range and oil industry analyst Baron Lukas says production is down. He says the oil glut diminished faster than anticipated. Oil production in the U.S. Canada, Libya, Nigeria and Venezuela has been cut in the last couple of months.
Lukas predicts a slow but steady increase up to $65 to $75 a barrel. He says the good news is that more oil rigs and drills in the U.S. will fire back up soon and that will put many of those in the oil production field back to work. Some energy experts predict 580 drilling rigs to almost 1,000 in the next year.
The average price today for a gallon of gas in Nebraska is $2.30 compared to the national average of $2.33. Lukas says if crude oil reaches $60 a barrel, consumers can expect to pay between $2.70 – $2.80 per gallon. He adds for the first time in decades the U.S. is the global price setter for crude oil.