official nebraska government website

Average Wholesale
Heating Oil Prices in
Nebraska

Analysis

The average wholesale heating oil price had risen nearly one cent from the previous week to $2.70 per gallon on December 24, 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 71 cents (or 36 percent) higher than the price at this time last year.

Other states in the Midwest Region had comparable prices ranging from $2.61 to $2.75 per gallon resulting in a regional average of $2.68.  States near in proximity to Nebraska, such as Iowa, North Dakota, and Minnesota, had prices of $2.72, $2.75, and $2.69, respectively.  The average prices for the states of Indiana, Kansas, Kentucky, Michigan, Ohio, South Dakota, and Wisconsin were not available this week.

For the week ending December 21, the Midwest distillate inventory level was just below the bottom boundary of the normal range for this time of year at 2.4 million barrels.

Notes:  The annual report for the 2006-2007 winter season is available.  An archive houses annual reports from previous years.

Heating Season

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.

Off Season

Prices are not collected during the off season (April through September).

Midwest Region

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.

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Nebraska's Average Wholesale Heating Oil Prices

2004/2005 — 2007/2008

Heating Season
Oct Nov Dec Jan Feb Mar
2004/2005
First Monday $1.479 $1.480 $1.225 $1.215 $1.302 $1.556
Second Monday $1.499 $1.464 $1.183 $1.277 $1.358 $1.618
Third Monday $1.606 $1.402 $1.376 $1.344 $1.420
Fourth Monday $1.617 $1.543 $1.272 $1.371 $1.537
Fifth Monday $1.478 $1.341
2005/2006
First Monday $2.495 $1.944 $1.782 $1.730 $1.835 $1.954
Second Monday $2.379 $1.851 $1.796 $1.752 $1.809 $1.844
Third Monday $2.590 $1.752 $1.779 $1.686 $1.841
Fourth Monday $2.532 $1.732 $1.713 $1.810 $1.857
Fifth Monday $2.060 $1.844
2006/2007
First Monday $1.849 $1.906 $2.032 $1.923 $1.900 $2.130
Second Monday $1.857 $2.025 $1.940 $1.859 $1.958 $2.184
Third Monday $1.936 $2.055 $2.090 $1.780 $1.933
Fourth Monday $1.922 $1.975 $1.990 $1.788 $2.038
Fifth Monday $1.895 $1.833
Heating Season
Oct Nov Dec Jan Feb Mar
2007/2008
First Monday $2.774 $2.662 NA NA NA
Second Monday $2.494 $2.804 $2.585 NA NA NA
Third Monday $2.466 $2.794 $2.696 NA NA NA
Fourth Monday $2.506 $2.896 $2.704 NA NA
Fifth Monday $2.596 NA

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Sources: Weekly Petroleum Status Report.  Energy Information Administration, Washington, DC.  Nebraska Energy Office, Lincoln, NE.

Note: NA = Not Available.

This report was updated on December 28, 2007.

Typically, there is one week between updates during the heating season.