‘Not enough to trigger a recession’: Oil prices hit Nebraskan’s wallets amid overseas conflict

Oil prices have already gone up 6% since the missile strikes early Saturday morning.

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America is already feeling the impact of the Iran-U.S. conflict as oil prices soar. It has already gone up 6% since the missile strikes early Saturday morning. Trickling down to your local gas station, going from the pump to your wallet. “We will see diesel prices move higher and gasoline moving higher, and we could see as much as $0.50 to a dollar per gallon on that,” Creighton economist Dr. Ernie Goss said. “Depending, again, on the length of this conflict.”Goss said the oil market was beginning to bounce back, but military action overseas muddied the water.A week ago, AAA Fuel Prices showed Nebraska’s average gas prices were right around $2.55, with the national average at $2.94.As of Monday, the state’s lands at $2.72, compared to the $2.99 nationally.Goss and UNO economist Dr. Jane Liu said the oil impact will naturally bleed into the agriculture and manufacturing industries.“The agriculture economy depends on the oil prices hugely, not just transportation, but fertilizer, input costs,” Liu said.Nebraska farmer Matthew Erickson said they haven’t felt the blowback yet.“The past couple of years in farming have been very thin on margins, and this is another year where farmers are looking to cut costs anywhere,” he said.He said farmers diversifying their craft helps with uncertainties.“About a month ago today me and my family officially became chicken tenders,” Erickson said.Liu said the American economy is resilient.“So, one geopolitical factor is not enough to trigger a recession,” Liu said.Goss said the Federal Reserve may buy bonds as a potential move to balance prices; however, people may see prices in the grocery store at higher-than-normal prices.NAVIGATE: Home | Weather | Local News | National | Sports | Newscasts on demand |

, Neb. —

“We will see diesel prices move higher and gasoline moving higher, and we could see as much as $0.50 to a dollar per gallon on that,” Creighton economist Dr. Ernie Goss said. “Depending, again, on the length of this conflict.”

Goss said the oil market was beginning to bounce back, but military action overseas muddied the water.

A week ago, AAA Fuel Prices showed Nebraska’s average gas prices were right around $2.55, with the national average at $2.94.

As of Monday, the state’s lands at $2.72, compared to the $2.99 nationally.

Goss and UNO economist Dr. Jane Liu said the oil impact will naturally bleed into the agriculture and manufacturing industries.

“The agriculture economy depends on the oil prices hugely, not just transportation, but fertilizer, input costs,” Liu said.

Nebraska farmer Matthew Erickson said they haven’t felt the blowback yet.

“The past couple of years in farming have been very thin on margins, and this is another year where farmers are looking to cut costs anywhere,” he said.

He said farmers diversifying their craft helps with uncertainties.

“About a month ago today me and my family officially became chicken tenders,” Erickson said.

Liu said the American economy is resilient.

“So, one geopolitical factor is not enough to trigger a recession,” Liu said.

Goss said the Federal Reserve may buy bonds as a potential move to balance prices; however, people may see prices in the grocery store at higher-than-normal prices.