Nebraska Gasoline and Diesel Prices

The Energy Information Administration's (EIA's) Short-Term Energy Outlook released on April 10 projected that national retail regular grade motor gasoline prices will average $2.81 per gallon this summer compared to $2.84 per gallon last summer. National prices are expected to peak in May with an average of $2.87 per gallon compared to an average of $2.98 per gallon for July last summer. The cost of regular grade gasoline in Nebraska peaked in August last year, averaging $3 for the month.

Nebraska's gasoline prices have been rising for thirteen consecutive weeks and staying a bove last year's prices since the end of February. The average weekly price in the state has risen 60 cents per gallon over the last two months.

For the week of April 9, Nebraska's average gasoline price had increased eight cents from the previous week to $2.81, which was 12 cents higher than the price at this time last year. This week, average prices in surveyed cities ranged from $2.76 in Columbus a nd Norfolk to $2.88 in North Platte. Increases ranging from 7-11 cents were reported in the surveyed cities. As of April 6, the Midwest gasoline stock level was below the normal range with 48 million barrels.

The Energy Information Administration's (EIA's) Short-Term Energy Outlook released on April 10 projected that national retail diesel fuel prices will average $2.82 per gallon this summer compared to $2.88 per gallon last summer. The cost of diesel fuel in Nebraska peaked in August last year, averaging $3.30 for the month.

Nebraska's diesel prices have been rising for eleven consecutive weeks and staying above last year's prices since the middle of February. The average weekly price in the state has risen 44 cents per gallon over the last two months.

For the week of April 9, Nebraska's average diesel price had risen four cents from the previous week to $2.97. According to the weekly price report, this week's state average was 28 cents more than the price at this time last year. Weekly averages in the surveyed cities ranged from $2.92 in Norfolk to $3.01 in Kearney. Kearney is the first city this year to reach an average price over $3 per gallon. Increases ranging from 2-11 cents were reported in the surveyed cities. On the supply side, the Midwest distillate fuel inventory level was at the top boundary of the normal range with 20.1 million barrels of ultra-low sulfur diesel fuel and 5.5 million barrels of low sulfur diesel fuel as of April 6.

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. Ultra-low sulfur diesel fuel has sulfur levels of 15 ppm and less while low sulfur diesel fuel has 15 ppm to 500 ppm sulfur.

An archive of this report, average gasoline prices for each month, average diesel prices for each month, and historical weekly prices are available for diesel and three grades of motor gasoline.

A general rule of thumb:  A dollar increase in the West Texas Intermediate (WTI) crude oil price will result in a 2.5-cent increase in the gasoline price and the diesel fuel price.  Likewise, a dollar decrease in the WTI crude oil price will result in a 2.5-cent decrease in the gasoline price and the diesel fuel price.