The average wholesale heating oil price had jumped 16 cents from the previous week to $3.00 per gallon on February 25, 2008 (see the table at the end of this report). This is the first time that the average wholesale price in Nebraska went over $3.00 per gallon. 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 97 cents (or 47 percent) higher than the price at this time last year.
Other states in the Midwest Region had comparable prices ranging from $2.95 to $3.02 per gallon resulting in a regional average of $3.01. States near in proximity to Nebraska, such as Iowa, North Dakota, and Minnesota, had prices of $3.02, $3.02, and $2.98, 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 February 22, the Midwest distillate inventory level was in the normal range for this time of year at 2.7 million barrels.
Notes: The annual report for the 2006-2007 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.