The key factor driving gasoline prices appears to be crude oil prices since gasoline inventories are at comfortable levels. According to the Energy Information Administration, crude oil costs make up about half of the cost of a gallon of gasoline at the pump.
Nebraska's retail gasoline price rose 3 cents from last week to $2.14 with metro prices ranging from $2.10 in Norfolk to $2.16 in North Platte. This week's state average was 20 cents higher than the price at this time last year. The largest regional price increase from last week was in the Midwest with an increase of 3.2 cents per gallon. As of June 10, the Midwest gasoline stock level was in the normal range with 52.7 million barrels.
This week spot diesel fuel prices were around the $1.70 mark, a value never seen before. Last year, gasoline prices rose above diesel prices in February. This crossover to higher gasoline prices relative to diesel fuel has yet to occur in 2005. According to the Oil Price Information Service, a new retail diesel pricing record could be set. This week marks the fortieth straight week that retail diesel prices have had a premium over gasoline--an unmatched consecutive streak. Usually the relationship between weekly gasoline and diesel fuel prices has shown a clear seasonal pattern. During the summer driving season of April through September, gasoline prices move above diesel fuel prices and, during the winter heating season of October through March, diesel fuel prices usually move above gasoline prices.
The state average retail diesel price increased 6 cents from last week to $2.30 per gallon with metro prices ranging from $2.23 in Norfolk to $2.31 in Kearney. According to the weekly price report, this week's state average is 55 cents higher than the price at this time last year. The largest regional price increase from last week was in the Midwest with an increase of 5 cents per gallon. The Midwest distillate fuel inventory level was in the normal range with 21.7 million barrels as of June 10.
An archive of this report and historical weekly prices are available.