Diesel Price Lowest in 20 Months, Crude Oil Prices Rise

November 24, 2008

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The average price of diesel fuel fell another 14.5 cents per gallon this week to $2.664, a level not seen since spring of 2007.

Weekly figures from the U.S. Energy Information Administration show the average retail on-highway diesel price of $2.664 is 78 cents lower than it was a year ago. The lowest average prices were seen in the Gulf Coast region, with a $2.598 average; the highest average was in New England, at $2.997.

Oil prices, however, were up significantly Monday as markets reacted to government action addressing the economic downturn and as it looks increasingly likely OPEC will move to cut oil production when it meets this weekend. Light sweet crude for delivery in January was up more than $4 a barrel to $54.50 on the New York Mercantile Exchange.

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