Fuel Prices Still Rising
March 17, 2008
The average price of a gallon of diesel fuel last week was just under $4 a gallon, with the average topping the $4 mark in several regions of the country.
According to figures released Monday by the U.S. Energy Information Administration, the average retail on-highway diesel price as of Monday was $3.974, $1.293 more than a year ago and 15.5 cents higher than the previous week.
Prices topped $4 a gallon on the East and West Coasts, including the East Coast sub-regions of New England and the Central Atlantic. Prices were lowest in the Rocky Mountain region at $3.892 and highest in the Central Atlantic at $4.177.
Meanwhile, crude oil prices dropped Monday, falling $4.53 to close at $105.68 a barrel on the New York Mercantile Exchange - but only after hitting an all-time intraday high of 111.80. The drop, some said, was due to investors scared by the sale of Bear Stearns, fearing it's a sign of deep economic troubles.
However, crude prices started climbing again in after-hours trading due to concerns about further declines in the value of the dollar as everyone watches to see if the Fed cuts rates Tuesday.