Analysis
The average wholesale heating oil price jumped 12 cents on February 28, 2005, to $1.54 per gallon (see the table at the end of this report). Higher crude oil prices have pushed up prices in distillate markets while lower product inventories for distillate fuels have added further upward pressure. For the week ending February 25, the Midwest distillate inventory level was skirting along the lower edge of the normal range. This is a new survey so there are no prices from previous years. The graph below the text will show the spread in prices from month to month.
Other states in the Midwest region had comparable prices ranging from $1.50 to $1.57 per gallon resulting in a regional average of $1.54. States adjacent to Nebraska, such as Iowa, Kansas, Missouri, and South Dakota had prices of $1.54, $1.51, $1.50, and $1.53, respectively.
Note: The annual report for the 2003-2004 winter season is available.
Heating Season
The Oil Price Information Service collects wholesale heating oil prices each week for Nebraska and twelve (12) other states in the Midwest Region during the heating season (October to March). The Energy Information Administration, the independent statistical and analytical agency within the U.S. Department of Energy, uses the prices collected by the Oil Price Information Service to calculate a state average price, a regional average price, and a national average price which can be seen in the report Wholesale Heating Oil Prices by Region and State.
Off Season
Prices are not collected during the off season (April through September).
Midwest Region
For statistical purposes, the Energy Information Administration defines the Midwest region to include the states of Iowa, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Oklahoma, South Dakota, Tennessee, and Wisconsin.
