All across the nation, consumers experienced an increase in pump prices ranging from 10 cents to more than 20 cents per gallon due to crude oil price increases and reduced gasoline supply. The price of crude oil hit its all-time high of $67 per barrel on August 10. Gasoline supply levels fell because of recent refinery outages. Regional supply issues also include low water levels along the Mississippi River.
The national average increased 18 cents per gallon, which was the largest one-week increase on record, to $2.55, the highest nominal price ever recorded. Nebraska's retail gasoline price leaped 19 cents from last week to arrive at $2.57, which was 70 cents higher than the price at this time last year. Metro prices ranged from $2.49 in Norfolk to $2.62 in North Platte. As of August 12, the Midwest gasoline stock level was at 48.8 million barrels which, for the second consecutive week, was just below the normal range.
National diesel prices also experienced the largest one-week run-up on record, increasing 16 cents to $2.57, an all-time high. Although prices were up throughout the country, the Midwest Region saw the largest regional increase of 18.8 cents arriving at $2.52. Nebraska's diesel average jumped 16 cents from last week to $2.57 per gallon. Metro prices ranged from $2.51 in Columbus to $2.59 in Lincoln. According to the weekly price report, this week's state average was 71 cents higher than the price at this time last year. On the supply side, the Midwest distillate fuel inventory level was in the normal range with 21.8 million barrels as of August 12.
An archive of this report and historical weekly prices are available.