According to the Energy Information Administration, gasoline prices may be lower during the month of May with only a slight chance of an increase. Since the heating season has ended and temperatures have risen, focus has shifted from heating oil to gasoline. Gasoline demand is growing at a somewhat slower pace and regional inventories are near or above the normal range. Crude oil inventories continue to rise, having reached 327 million barrels as of April 29, the highest level since the end of March 2002. With improving crude oil inventories and the shift to gasoline, the crude oil price and the gasoline spot price have fallen. Unless supplies are disrupted, retail gasoline prices are expected to fall during May as lower wholesale gasoline prices are reflected at the pump. While gasoline prices could be lower in May, prices are still expected to remain well above last summer's level.
Nebraska's retail gasoline price decreased a penny from last week to $2.20 with metro prices ranging from $2.16 in Columbus to $2.21 in Lincoln. This week's state average was 34 cents higher than the price at this time last year. As of April 29, the Midwest gasoline stock level was above the normal range with 51.9 million barrels.
With continued strong demand, the state average retail diesel price still fell 2 cents from last week to $2.30 per gallon with metro prices ranging from $2.26 in Columbus to $2.33 in Kearney. According to the weekly price report, this week's state average is 55 cents higher than the price at this time last year. The Midwest distillate fuel inventory level was skirting the lower boundary of the normal range as of April 29.
An archive of this report and historical weekly prices are available.
