It might take a few days, but gasoline prices soon should fall in light of the recent decline in oil prices.
How does a drop of 35 cents per gallon sound? That's what some national forecasters are anticipating over the next month.
Oil prices have fallen about $10 per barrel in about a week, driven downward by a sluggish global economy, said Rose White, a spokeswoman for AAA Nebraska.
Oil for September delivery closed Friday at $86.88 on the New York Mercantile Exchange.
In the last 10 days, Benchmark West Texas Intermediate crude has declined $12.71 a barrel.
Prices tumbled as a series of weak economic data rolled in.
The United States said the economy grew only 1.3 percent in the second quarter, while manufacturing reports pointed to weaker activity in the country and in China.
The U.S. debt-ceiling debate ended with plans to cut spending by $2.4 trillion over the next decade, while Europe continues to struggle with enormous debt.
Another recession, investors feared, could be right around the corner.
"The 'R' word is coming back," said Denton Cinquegrana, an analyst with the Oil Price Information Service.
He said Thursday "was just littered with bad news."
The price of oil has dropped even as crude oil stocks reportedly fell by about 1 percent and gasoline stocks were down 4 percent compared to a year ago, White said.
"Usually, when we see a drop in inventory," she said, "we can expect to see prices rise in the commodity market."
Prices already have been dropping slightly in Omaha. Gas with 10 percent ethanol was $3.59.9 per gallon early this week. It was down to $3.55.9 at many stations Friday.
White said that if the market holds, "we can easily see prices drop 20 cents a gallon at the retail level in the next week or two. Prices could erode further because we're at the end of the summer travel season, there are no refinery issues and no weather conditions compromising delivery."
This report includes material from the Associated Press.
