The average wholesale heating oil price fell six cents from last week to $1.86 per gallon on January 8, 2007 (see the table at the end of this report). The graph below shows the spread in Nebraska prices from month to month and from this year compared to last year. This week's average price was 11 cents (or six percent) higher than the price at this time last year.
Other states in the Midwest Region had comparable prices ranging from $1.72 to $2.13 per gallon resulting in a regional average of $1.79. States near in proximity to Nebraska, such as Iowa, North Dakota, and Minnesota, had prices of $1.88, $1.82, and $1.81, respectively. The average prices in Kansas, South Dakota, and Missouri were not available this week.
For the week ending January 5, the Midwest distillate inventory level was below the normal range for this time of year at 3.6 million barrels.
Notes: The annual report for the 2005-2006 winter season is available. An archive houses annual reports from previous years.
The Oil Price Information Service collects wholesale heating oil prices each week for Nebraska and twelve (12) other states in the Midwest Region during the heating season (October to March). The Energy Information Administration, the independent statistical and analytical agency within the U.S. Department of Energy, uses the prices collected by the Oil Price Information Service to calculate a state average price, a regional average price, and a national average price which can be seen in the report Wholesale Heating Oil Prices by Region and State.
Prices are not collected during the off season (April through September).
For statistical purposes, the Energy Information Administration defines the Midwest region to include the states of Iowa, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Oklahoma, South Dakota, Tennessee, and Wisconsin.