Last year's midseason average price was $1.48. Nebraska’s 2006/2007 midseason average was $1.43. The midseason average was $1.75 for the Midwest Region and $1.96 for the nation. From week to week, other states in the Midwest Region have had higher prices than Nebraska. States adjacent to Nebraska, such as Iowa, South Dakota, and Missouri, had midseason averages of $1.49, $1.48, and $1.64, respectively.
Retail Versus Wholesale--
During the first half of last year’s heating season, Nebraska’s retail price ranged from $1.44 to $1.53, while the wholesale price ranged from $1.02 to $1.22. During the first half of this heating season, Nebraska’s retail price ranged from $1.40 to $1.47, while the wholesale price ranged from $0.95 to $1.06.
Last season, Nebraska’s
rack-to-retail margin fluctuated between 26 to 45 cents per gallon during the months of October, November, and December. The margin fluctuated between 38 to 49 cents per gallon during the same months this season.
Weather continues to be a key wild card each winter. Due to El Nino conditions, the National Oceanic Atmospheric Administration expected a warmer-than-normal winter in 2006/2007 although the weather would still be colder than the previous winter.
Nebraska had 482 heating degree days during October 2006. The state normally has 412 heating degree days during the month of October which indicates that the weather in October 2006 was 17 percent colder than normal.