Diesel Prices Set New Record
March 03, 2008
Retail diesel prices continue to soar, with the U.S. Department of Energy reporting a $3.658 average for last week, shattering the previous week's record-setting price by more than 10 cents per gallon.
Last week's average is more than 26 cents per gallon higher than just two weeks earlier and was $1.032 higher than a year ago.
The highest prices were in the Central Atlantic region, at $3.825; the lowest in the Rocky Mountain region, at $3.573.
Meanwhile, crude oil prices hit another intraday record high on the New York Mercantile Exchange, $103.95, as the dollar's value again dropped against the euro and OPEC members hinted that there would be no production increase as a result of their meeting this week. The price settled at the end of the day Monday at $102.45 a barrel.
Oil is not the only commodity breaking price records - gold, silver, corn and soybean futures have also been hitting all-time highs as investors look for an alternative to investments affected by the falling dollar value.