Cold temperatures have been influencing petroleum product prices, such as gasoline and diesel, through upward pressure on crude oil prices. Rising crude oil prices have impacted gasoline and diesel prices across the nation. The general rule of thumb states that, for every dollar per barrel increase/decrease in crude oil prices, petroleum product prices will increase/decrease approximately 2.5 cents per gallon.
Nebraska's average gasoline price rose four cents per gallon from last week to $2.27, which is 50 cents higher than the price at this time last year. Weekly average prices in surveyed cities ranged from $2.19 in Columbus to $2.32 in Omaha. As of December 16, the Midwest gasoline stock level was above the normal range with 52.8 million barrels.
Nebraska's average diesel price increased four cents from last week to $2.52 per gallon. According to the weekly price report, this week's state average was 54 cents higher than the price at this time last year. Weekly averages in the surveyed cities ranged from $2.45 in Columbus and Lincoln to $2.53 in Kearney, North Platte, and Omaha. On the supply side, the Midwest distillate fuel inventory level was below the normal range with 19.2 million barrels of diesel fuel as of December 16.
Regular unleaded gasoline is regular unleaded motor gasoline with an 87 to 88 octane. Diesel fuel is fuel used for internal combustion in diesel engines.
An archive of this report and historical weekly prices are available.