Average retail gasoline prices were down throughout the nation this week, with the Midwest region seeing the largest decrease--a dime--setting the price at $1.73. Nebraska's price also fell a dime with the price at $1.79. This is the lowest weekly average retail price since April 16 although the price is still 23% higher than last year at this time. Metro prices ranged from $1.72 in Omaha to $1.85 in North Platte and Norfolk. The Midwest gasoline stock level remains in the normal range.
Diesel prices were also down across the country, with the Midwest region having a decrease of 8 cents putting the price at $1.95. The state average fell a similar 8 cents to $1.99 per gallon while remaining 30% higher than last year. This is the first week since September that the state average has ventured below the $2 level. Nebraska's metro diesel prices ranged from $1.97 in Lincoln to $2.05 in Kearney. The Midwest distillate fuel inventory level increased but remains below the normal range.
Lower retail gasoline and diesel prices are due to falling spot (wholesale) prices, which have resulted from warmer weather and falling crude oil prices. According to the Energy Information Administration, if crude oil and wholesale products were to remain near current levels in the next few weeks, gasoline and diesel retail prices could possibly fall another dime as spot price decreases show up at the pump.
An archive of this report and historical weekly prices are available.
