Nebraska Department of Environment & Energy logo

Nebraska Department of Environment & Energy

Air, Land & Energy

Energy & Assistance Division

Gasoline & Diesel Price Monitor

Nebraska Department of Environment and Energy

P.O. Box 98922|Lincoln, NE 68509

Phone (402) 471-2186|Toll Free (877) 253-2603

Gasoline and Diesel Price Monitor

Crude Oil

U.S. crude oil production averaged 11.7 million barrels per day in July, down by 0.3 million barrels per day from the June level. Declines were mostly in the Federal Gulf of Mexico where operators shut platforms for several days in mid-July because of Hurricane Barry. Those declines were partially offset by the Lower 48 States onshore region production. The Energy Information Administration (EIA) forecasts total U.S. crude oil production will average 12.3 million barrels per day in 2019 and 13.3 million barrels per day in 2020, both of which would be record levels.

North Sea Brent crude oil spot prices averaged $64 per barrel in July 2019, almost unchanged from the average in June 2019, but $10 per barrel lower than the price in July of last year. Brent crude is expected to average $64 per barrel in the second half of 2019 and $65 per barrel in 2020. Stable crude oil prices is the result of EIA's expectations of a relatively balanced global oil market.

West Texas Intermediate crude oil spot prices are forecast to average $57.87 per barrel in 2019 and $59.50 per barrel in 2020.

Gasoline and Diesel Prices

U.S. regular gasoline retail prices averaged $2.74 per gallon in July 2019, up two cents per gallon from June, 2019, but 11 cents per gallon lower than the average in July of last year. EIA expects monthly average gasoline prices have peaked for the year in May at an average of $2.86 per gallon. EIA expects regular gasoline retail prices to average $2.65 per gallon in 2019 and $2.71 per gallon in 2020.

The peak price of $4.10 per gallon for gasoline in Nebraska was reached on July 15, 2008.

On-highway diesel fuel retail prices averaged $3.05 per gallon in July 2019, down four cents per gallon from June, 2019, and, down 18 cents per gallon from the average in July of last year. According to EIA, the price is forecast to average $3.00 in August 2019.

The peak price of $4.77 per gallon for diesel in Nebraska was reached on July 17, 2008.

Because taxes and retail distribution costs are generally stable, movements in gasoline and diesel prices are driven primarily by changes in crude oil prices and wholesale margins. Crude oil prices that differ from the forecast would be reflected in the price of motor fuels. Each dollar per barrel of sustained change in crude oil prices relative to the forecast translates into approximately a 2.4 cent-per-gallon change in product prices.