Diesel Prices Drop, Oil Rises Above $40

December 29, 2008

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The average price of a gallon of diesel is now about a dollar less than it was a year ago, according to weekly figures from the U.S. Energy Information Administration.

The EIA's Monday report shows the national on-highway retail price of diesel is $2.327 per gallon, down 3.9 cents from a week ago and down $1.018 from a year ago. The highest prices were seen in the New England region, at $2.638. The lowest prices were reported in the Gulf Coast region, at $2.264.

Diesel has fallen steadily since it hit a record of $4.764 in July, with the exception of one tiny uptick on Sept. 29, although the 3.9-cent drop this week is the smallest in the past three months.

Meanwhile, crude oil prices were higher Monday, settling over $40 a barrel for the first time in a week. According to published reports, light, sweet crude for February delivery rose $2.31 to close the day at $40.02 a barrel on the New York Mercantile Exchange. Fighting in the Gaza Strip between Israel and Hamas raised concerns that oil supply from the Middle East could be disrupted.

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