Diesel, Oil Prices Remain High

June 16, 2008

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The national average price of a gallon of diesel fuel remained unchanged from last week, while crude oil prices went on a roller coaster ride Monday.

The national retail price of a gallon of diesel remained at $4.692, according to weekly figures released Monday by the U.S. Energy Information Administration. The highest prices were in the central Atlantic region at $4.874; the lowest in the Midwest at $4.618.

Early Monday, crude oil hit a record near $140 on the New York Mercantile Exchange, but it closed for the day at $134.61 as investors responded to a pledge by Saudi Arabia to increase oil production, according to the Associated Press.

The AP also reported that Sen. John McCain, the presumptive Republican nominee for the Presidential race, said Monday the federal ban on offshore oil and gas drilling should be lifted. States, he said, should be able to decide the extend of drilling they want off their shores.

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