Creighton economist weighs in as Nebraska, Council Bluffs average gas prices pass $4

The average gas price in Nebraska and Council Bluffs passed $4 on Wednesday. A Creighton economist says he doesn't expect prices to go down anytime soon.

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Creighton economist weighs in as Nebraska, Council Bluffs average gas price passes $4; Iowa average is higher

COUNCIL BLUFFS, Iowa —

Gas prices in Iowa and Nebraska have risen above $4 per gallon, with Iowa experiencing a 34-cent increase in the past week, according to AAA.

Prices in Nebraska and Iowa reached above $4.30 in May. A Creighton University economist told KETV he expects it to reach that mark again this year.

Iowa’s average price of a gallon of regular unleaded is $4.13 Wednesday. Both Nebraska and Council Bluffs, Iowa, reached above $4 on Wednesday, joining Iowa’s overall average. Nebraska’s average is $4.02, though the Omaha metro’s average is lower at $3.94. The average in Council Bluffs on Wednesday is $4.03.

The all-time high for gas prices in Council Bluffs was $4.81 in 2022.

“Gas prices are just crazy today,” said Jenny Herndon of Council Bluffs, who pre-paid a small amount to fuel her car Wednesday. “They’re over 4 dollars. To some people, that’s a quarter … of what they make an hour.”

AAA’s Brian Ortner noted that it is unusual for Iowa’s average gas price to exceed Nebraska’s.

Nationally, gas prices increased by 5 cents over the past week, while Nebraska saw a 10-cent rise and Iowa experienced a 34-cent jump.

Creighton University economics professor Dr. Ernie Goss said he does not expect Iowa’s prices to consistently outpace Nebraska’s, but warned that gas prices are unlikely to drop soon.

“Even if the war, conflict ended today, prices would not come down,” Goss said.

He said that strategic reserves across the globe, including those in the U.S., are low and will need to be refilled.

Goss also said that the U.S. economy is slowing.

“The last two months, the nation has lost jobs,” he said. “Some of that’s connected to higher fuel prices. As individuals have less spending, retail sales went down.”

Herndon expressed hope for a solution to ease the burden on drivers.

“I don’t know much about politics or anything, but I hope someone out there can help figure out what we need to do to get gas prices down. You know, everybody needs to get around, you know?” she said.

Gas prices in both Nebraska and Iowa previously peaked at just over $4.30 per gallon in May. When asked if prices could reach that level again this year, Goss said it depends on developments involving the U.S. and Iran but indicated it is likely.

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