Nebraska's retail gasoline price fell a penny from last week to $1.94. Metro prices ranged from $1.87 in Columbus to $1.98 in North Platte. The Midwest gasoline stock level is above the normal range which indicates that supply is more than ample for this time of year. With supplies at this level, gasoline prices should fall; however, gasoline demand has grown over the last year. There are also concerns about how much gasoline Europe will be able to export this year. Monitoring the supply level, imports from Europe, and the upcoming seasonal increase, the Energy Information Administration (EIA) forecasts that retail gasoline prices are likely to fluctuate with an upward trend over the next few months. The question remains if retail gasoline prices will top the record price of $2.067 per gallon set on May 27, 2004, in Nebraska. EIA is currently forecasting an average May price of $2.065 per gallon for the nation. The nation's record price was $2.064 set in May of last year.
The state average retail diesel price fell a penny from last week to $2.04 per gallon. Nebraska's metro diesel prices ranged from $2.01 in North Platte to $2.07 in Kearney. The Midwest distillate fuel inventory level continues in the normal range.
An archive of this report and historical weekly prices are available.