Diesel Sees Slight Increase, Oil Ends Modestly Higher
March 26, 2012
Average diesel prices went up just a hair this week, according to the Energy Information Administration's weekly fuel update. The half-cent increase took the average price to $4.147 per gallon.
California was the only region to see a price decrease, the first for the state in seven weeks, but only by half a cent.
The average U.S. gas price increase was a little steeper than diesel with the a rise of 5.1 cents to $3.918. That price is 32.2 cents higher than this time last year.
Crude-oil futures ended slightly higher Monday rising16 cents, or 0.2%, to end at $107.03 a barrel on the New York Mercantile Exchange. This comes after traders interpreted a speech by U.S. Federal Reserve Chairman Ben Bernanke to mean a continuation of accommodative monetary policy and stimulus. Bernanke's muted view on the jobs market assured, in traders' minds, continued policy support for the economy, which would increase demand for oil.