The Energy Information Administration expects gasoline prices at the pump to continue to rise as recent increases in spot prices are passed through to consumers. Since a change in spot prices shows up at the pump about two weeks after the fact, price increases are expected for the next few weeks. Gasoline demand will probably be strong through Labor Day which supports the theory of price increases through August and into the holiday weekend. After the holiday weekend, demand often declines which would put downward pressure on prices. Supply disruption from a major hurricane or continuation of refinery outages are two plausible factors that could keep prices on an upward swing.
The Midwest Region saw the largest regional increase of 11 cents this week. Nebraska's retail gasoline price matched the regional increase and jumped to $2.38, which was 50 cents higher than the price at this time last year. Metro prices ranged from $2.32 in Norfolk to $2.41 in Grand Island. As of August 5, the Midwest gasoline stock level was just below the normal range with 49.4 million barrels.
Nebraska's diesel average increased 5 cents from last week to $2.41 per gallon. Metro prices ranged from $2.38 in Columbus to $2.41 in Omaha. According to the weekly price report, this week's state average was 58 cents higher than the price at this time last year. On the supply side, the Midwest distillate fuel inventory level was just above the normal range with 23.7 million barrels as of August 5.
An archive of this report and historical weekly prices are available.