Nebraska Gasoline and Diesel Prices

Retail gasoline and diesel fuel prices have increased as the prices of crude oil, wholesale Gulf Coast diesel fuel, and wholesale Gulf Coast conventional gasoline increased. The price of crude oil went over $100 per barrel. Wholesale Gulf Coast diesel fuel price and wholesale Gulf Coast conventional gasoline price followed the crude oil price with equivalent increases to approach $2.90 and $2.60 per gallon, respectively.

Motor Gasoline

For the week of February 25, Nebraska's average gasoline price rose eight cents to $3.17, which was 71 cents higher than the price at this time last year. Weekly averages in the surveyed cities ranged from $3.13 in Columbus to $3.23 in North Platte. As of February 22, the Midwest gasoline stock level was above the normal range with 57 million barrels.

Diesel Fuel

This week the price of diesel fuel in the state had jumped 11 cents to $3.55. According to the weekly price report, this week's state average was 92 cents higher than the price at this time last year. Surveyed cities had increases ranging from 9 cents to 20 cents per gallon compared to last week. Weekly averages in the surveyed cities ranged from $3.51 in North Platte to $3.62 in Kearney. On the supply side, the Midwest distillate fuel inventory level was in the normal range with 21.4 million barrels of ultra-low sulfur diesel fuel and 6.2 million barrels of low sulfur diesel fuel as of February 22.

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.

Source: Nebraska Energy Office, Lincoln, NE.

This report was updated on February 29, 2008.
Typically, there is one week between updates.