Diesel Prices Hit $3.55

February 25, 2008

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The average price of a gallon of diesel hit a new record, with last week's U.S. on-highway retail average hitting $3.55 a gallon, according to the U.S. Energy Information Administration.

That average jumped 15.6 cents per gallon from just a week earlier, on top of a nearly 12-cent jump the week before. The average price of a gallon of diesel fuel stands a dollar higher than it did a year ago. The highest prices last week were in New England, at $3.71 a gallon. The lowest were in the Rocky Mountain region at $3.47.
Lower prices are not likely in the near future. Oil prices rose to more than $99 a barrel in New York trading Monday, thanks to supply worries triggered by Turkey's offensive in Iraq and fears of a forthcoming OPEC output cut. This follows last week's milestone of crude oil closing over $100 per barrel for the first time ever.

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