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Average Residential
Heating Oil Prices Nebraska

Analysis

On November 6, 2006, the average residential heating oil price had decreased one cent from last week to $2.13 per gallon (see the table at the end of this report). The graph below shows the spread in prices from month to month and from this year compared to previous years. This week's average price was 14 cents (or six percent) lower than the price at this time last year.

Other states in the Midwest Region had higher prices ranging from $2.23 to $2.37 with the region averaging $2.31 per gallon. States near Nebraska, such as Iowa, Minnesota, and Wisconsin, had prices of $2.26, $2.31, and $2.35, respectively.

While wholesale prices had risen more than a penny per gallon this week and the rack-to-retail margin fallen to 22 cents, Nebraska retail prices continue to be the lowest of the surveyed states in the region. (Nebraska does not have the lowest wholesale prices of the surveyed states in the region.)

For the week ending November 3, the Midwest distillate inventory level was below the normal range for this time of year at 4.1 million barrels.

Notes: The annual report for the 2005-2006 winter season is available. An archive houses annual reports from previous years.

Heating Season

The Nebraska Energy Office has participated in the State Heating Oil and Propane Program for six years. During the heating season (October to March), the staff contact companies each week who supply heating oil to Nebraska, collect Monday's retail price, and submit the data to the Energy Information Administration. The Energy Information Administration calculates the average price shown in the table below.

In the Midwest Region, Nebraska's average residential heating oil price was the lowest price each week during the heating seasons of the five years from 2001/2002 to 2005/2006. The Energy Information Administration theorized that this was due to minimal transportation costs. Another reason would be the number of participating states. Since state participation in the program is voluntary, heating oil prices were not surveyed in each state in the Midwest Region. Kansas and Oklahoma might also have had low prices--possibly lower than Nebraska's because the two states are closer to heating oil sources.

Off Season

During the off season (April through September), the Nebraska Energy Office staff continue to contact the same suppliers who were contacted during the heating season. Staff contact suppliers once a month instead of once a week since the price of heating oil is usually not as volatile during the off season. The Nebraska Energy Office staff calculate the average price, shown in the table below, from the suppliers' retail prices on the first Monday of the month.

State Heating Oil and Propane Program

The Energy Information Administration, the independent statistical and analytical agency within the U.S. Department of Energy, conducts the State Heating Oil and Propane Program from October to March--the heating season--each year. The Energy Information Administration collects prices for the program each week from participating states and calculates a state average price, a regional average price, and a national average price which can be seen in the report Residential Heating Oil Prices by Region and State.

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.

Price Explanation

The prices represent average residential home heating charge prices for home delivery of No. 2 heating oil, excluding taxes and cash discounts.

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Nebraska's Average Residential Heating Oil Prices
2001/2002-2006/2007

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Nebraska's Average Residential Heating Oil Prices

2001/2002 — 2006/2007

Heating Season Off Season
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
2001/2002
First Monday $1.076 $0.916 $0.857 $0.825 $0.800 $0.819 $0.894 $0.908 $0.887 $0.889 $0.905 $0.982
Second Monday $1.038 $0.916 $0.824 $0.824 $0.802 $0.844
Third Monday $1.026 $0.874 $0.805 $0.798 $0.809 $0.865
Fourth Monday $0.971 $0.878 $0.799 $0.790 $0.808
Fifth Monday $0.940 $0.812
2002/2003
First Monday $1.073 $1.048 $1.036 $1.094 $1.162 $1.336 $1.074 $1.027 $1.023 $1.026 $1.051 $1.113
Second Monday $1.086 $1.025 $1.022 $1.084 $1.269 $1.339
Third Monday $1.090 $1.008 $1.017 $1.098 $1.277 $1.313
Fourth Monday $1.077 $1.039 $1.047 $1.113 $1.302
Fifth Monday $1.078
2003/2004
First Monday $1.109 $1.109 $1.088 $1.108 $1.171 $1.177 $1.205 $1.272 $1.292 $1.287 $1.381 $1.457
Second Monday $1.168 $1.105 $1.088 $1.126 $1.153 $1.193
Third Monday $1.161 $1.122 $1.101 $1.143 $1.154 $1.197
Fourth Monday $1.148 $1.114 $1.108 $1.168 $1.157
Fifth Monday $1.106
2004/2005
First Monday $1.621 $1.768 $1.629 $1.495 $1.557 $1.727 $1.900 $1.822 $1.792 $1.912 $1.892 $2.365
Second Monday $1.661 $1.710 $1.548 $1.496 $1.554 $1.773
Third Monday $1.736 $1.678 $1.546 $1.519 $1.571
Fourth Monday $1.788 $1.672 $1.531 $1.549 $1.649
Fifth Monday $1.688 $1.566
2005/2006
First Monday $2.608 $2.269 $2.014 $2.001 $2.067 $2.108 $2.174 $2.370 $2.494 $2.554 $2.894 $2.609
Second Monday $2.661 $2.181 $2.050 $2.034 $2.044 $2.092
Third Monday $2.686 $2.106 $2.048 $2.003 $2.033
Fourth Monday $2.804 $2.070 $2.012 $2.030 $2.061
Fifth Monday $2.515 $2.044
2006/2007
First Monday $2.128 $2.128 NA NA NA NA NA NA NA NA NA NA
Second Monday $2.110 NA NA NA NA NA
Third Monday $2.118 NA NA NA NA
Fourth Monday $2.138 NA NA NA NA
Fifth Monday $2.138 NA

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Sources: State Heating Oil and Propane Survey and the Weekly Petroleum Status Report. Energy Information Administration, Washington, DC. Nebraska Energy Office, Lincoln, NE.

Note: NA=Not Available.

This report was updated on November 9, 2006.

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

and one month between updates during the cooling season.