As spring approaches and the weather turns warmer, gasoline prices usually rise, but the sharp increase experienced this last week was considered a price spike. Uncertainty over summer gasoline supplies was responsible for the spike. This uncertainty comes from a change in the type of gasoline that many consumers will use. The Energy Information Administration does not expect another price spike--at least not in the next two weeks. For the week of March 20, Nebraska's average gasoline price jumped 12 cents per gallon to $2.55 from last week, which was 41 cents higher than the price at this time last year. Weekly average prices in surveyed cities ranged from $2.48 in Columbus to $2.63 in Kearney. As of March 17, the Midwest gasoline stock level was above the normal range with 54 million barrels.
Nebraska's average diesel price increased four cents to $2.62 per gallon. According to the weekly price report, this week's state average was 36 cents higher than the price at this time last year. Weekly averages in the surveyed cities ranged from $2.58 in Columbus and North Platte to $2.63 in Kearney. On the supply side, the Midwest distillate fuel inventory level was above the normal range with 25 million barrels of diesel fuel as of March 17.
Regular unleaded gasoline is regular unleaded motor gasoline with an 87 to 88 octane. Diesel fuel is fuel used for internal combustion in diesel engines.
An archive of this report and historical weekly prices are available.
