official nebraska government website

Average Wholesale
Heating Oil Prices in
Nebraska

Analysis

The average wholesale heating oil price had risen nearly five cents from last week to $1.76 per gallon on December 15, 2008 (see the table at the end of this report).  The graph below shows the spread in Nebraska prices from month to month and from this year compared last year.  This week's average price was 93 cents (or 35 percent) lower than the price at this time last year.

The four other states surveyed in the Midwest Region had lower prices ranging from $1.57 to $1.61 per gallon resulting in a regional average of $1.58.  Normally, the other surveyed states have comparable prices to Nebraska, but North Dakota did not submit a report this week and Ohio submitted their second report this season.  North Dakota's average had been running 60 to 90 cents higher than the regional average.  This situation created a wide range in averages and boosted the regional average.  States near in proximity to Nebraska, such as Missouri and Minnesota, had prices of $1.61 and $1.61, respectively.

For the week ending December 12, the Midwest distillate inventory level was on the bottom boundary of the normal range for this time of year at 2.5 million barrels.

Notes:  The annual report for the 2007-2008 winter season is available.  An archive houses annual reports from previous years.

Heating Season

The Oil Price Information Service collects wholesale heating oil prices each week for Nebraska and four (4) 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.

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Nebraska's Average Wholesale Heating Oil Prices

2004/2005 — 2008/2009

Heating Season
Oct Nov Dec Jan Feb Mar
2004/2005
First Monday $1.479 $1.480 $1.225 $1.215 $1.302 $1.556
Second Monday $1.499 $1.464 $1.183 $1.277 $1.358 $1.618
Third Monday $1.606 $1.402 $1.376 $1.344 $1.420
Fourth Monday $1.617 $1.543 $1.272 $1.371 $1.537
Fifth Monday $1.478 $1.341
2005/2006
First Monday $2.495 $1.944 $1.782 $1.730 $1.835 $1.954
Second Monday $2.379 $1.851 $1.796 $1.752 $1.809 $1.844
Third Monday $2.590 $1.752 $1.779 $1.686 $1.841
Fourth Monday $2.532 $1.732 $1.713 $1.810 $1.857
Fifth Monday $2.060 $1.844
2006/2007
First Monday $1.849 $1.906 $2.032 $1.923 $1.900 $2.130
Second Monday $1.857 $2.025 $1.940 $1.859 $1.958 $2.184
Third Monday $1.936 $2.055 $2.090 $1.780 $1.933
Fourth Monday $1.922 $1.975 $1.990 $1.788 $2.038
Fifth Monday $1.895 $1.833
Heating Season
Oct Nov Dec Jan Feb Mar
2007/2008
First Monday $2.774 $2.662 $2.737 $2.620 $3.108
Second Monday $2.494 $2.804 $2.585 $2.616 $2.813 $3.228
Third Monday $2.466 $2.794 $2.696 $2.610 $2.844 $3.328
Fourth Monday $2.506 $2.896 $2.704 $2.643 $3.004
Fifth Monday $2.596 $2.712
2008/2009
First Monday $3.269 $2.399 $1.982 NA NA NA
Second Monday $2.784 $2.356 $1.714 NA NA NA
Third Monday $2.546 $2.169 $1.762 NA NA NA
Fourth Monday $2.289 $2.004 NA NA NA
Fifth Monday NA

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Sources: Weekly Petroleum Status Report.  Energy Information Administration, Washington, DC.  Nebraska Energy Office, Lincoln, NE.

Note: NA = Not Available.

This report was updated on December 18, 2008.

Typically, there is one week between updates during the heating season.