The average wholesale heating oil price had decreased six cents from the end of last season to $3.27 per gallon on October 6, 2008 (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 78 cents (or 31 percent) higher than the price at this time last year.
All four of the other states surveyed from the Midwest Region had lower prices ranging from $3.05 to $3.12 per gallon resulting in a regional average of $3.08. States near in proximity to Nebraska, such as Missouri, North Dakota and Minnesota, had prices of $3.09, $3.12, and $3.08, respectively.
For the week ending October 3, the Midwest distillate inventory level was in the lower half of the normal range for this time of year at 2.4 million barrels.
Notes: The annual report for the 2007-2008 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 four (4) 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.