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Diesel Jumps For First Time in Five Weeks

June 21, 2010

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Diesel prices jumped for the first time in five weeks, gaining 3.3 cents this week
After falling 19.9 cents over the last five weeks, the national average for the price of diesel inched back up, as demand for diesel improves.
After falling 19.9 cents over the last five weeks, the national average for the price of diesel inched back up, as demand for diesel improves.
, according to weekly figures released by the Department of Energy.

After falling 19.9 cents over the last five weeks, the national average for the price of diesel inched up to $2.961 a gallon, compared to last week's $2.928.

Diesel hit the highest levels in the West Coast and Central Atlantic regions, where the fuel averaged $3.093 a gallon and $3.088, respectively. The Gulf Coast and Lower Atlantic regions saw the lowest prices this week, posting averages of $2.908 and $2.921 a gallon, respectively.

The boost in the price of diesel may be related to the fuel's rising demand associated with the economic recovery. According to reports by Bloomberg, diesel demand has increased at the fastest rate in five years. For the month ending June 11, diesel use was up 12 percent from last year, Bloomberg said.

After landing just above $77 a barrel on Friday, crude oil gained 0.8 percent to settle at $77.82 on the New York Mercantile Exchange Monday, according to reports by The Wall Street Journal. The publication attributes the gain to news that China may allow the yuan more flexibility.



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