Diesel Prices Continue to Inch Up; Oil Hits Eight-Week High

March 08, 2010

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The average price of diesel inched up this week in its third straight jump, landing at a national average of $2.904
, according to the according to the Department of Energy. Diesel was up 4.3 cents from last week's average.

Two weeks ago, diesel saw its first jump after dropping 12.3 cents over five weeks. This week's average is 85.9 cents higher than the same week last year.

Californians endured the highest diesel prices this week, averaging $3.057 in the state. The Central Atlantic and New England areas also reached high prices, averaging $3.037 and $3.015, respectively. The Midwest and Gulf Coast saw the lowest prices this week, averaging $2.871 and $2.873, respectively.

Gasoline similarly climbed about a nickel this week to a national average of $2.751. This week's price is 81 cents higher than last year.

Propped up by a positive economic outlook, crude oil prices reached the highest level in eight weeks Monday, according to reports by Dow Jones. Crude oil was up 0.5 percent to $81.87 a barrel on the New York Mercantile Exchange Monday. It has not been this high since Jan. 11, when it closed at $82.52 a barrel, Dow Jones reports. However, the news service says analysts have not seen real signs of improvement in oil demand.

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