Nebraska Gasoline and Diesel Prices

Motor Gasoline

For the week of September 3, Nebraska's average gasoline price rose nine cents from the previous week to $3.08, which was 33 cents higher than the price at this time last year. Weekly averages in the surveyed cities ranged from $3.02 in Norfolk to $3.13 in Kearney. As of August 31, the Midwest gasoline stock level was below the normal range with 46.3 million barrels.

The Midwest has just under 20 days of gasoline supply, and the 2007 hurricane season still has legs. Supply tightness has plagued the Midwest all summer even while incremental barrels hitting Midwest markets are giving some relief to empty bulk storage tanks. Unleaded gasoline stocks on the Gulf Coast dropped again, and the market remains sensitive to lasting refinery issues and hurricane worries. Gasoline imports are on the rise this week with more than 1.3 million barrels coming to U.S. shores each day while demand fell below 9.6 million barrels per day.

Diesel Fuel

This week the price of diesel fuel in the state increased two cents from the previous week to $3.07. According to the weekly price report, this week's state average was 17 cents lower than the price at this time last year. Weekly averages in the surveyed cities ranged from $3.02 in North Platte to $3.11 in Kearney. On the supply side, the Midwest distillate fuel inventory level was in the lower half of the normal range with 21 million barrels of ultra-low sulfur diesel fuel and 5.1 million barrels of low sulfur diesel fuel as of August 31.

Notes

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 ranges from more-than-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 per barrel will result in a 2.5-cent increase in the gasoline price per gallon and the diesel fuel price per gallon.  Likewise, a dollar decrease in the WTI crude oil price per barrel will result in a 2.5-cent decrease in the gasoline price per gallon and the diesel fuel price per gallon.