Diesel, Crude, Hit New Highs
April 14, 2008
The national average price of diesel fuel broke the $4-a-gallon mark last week, while crude oil prices continue to set new records on the New York Mercantile Exchange.
The national average retail price of a gallon of diesel as tracked by the Energy Information Administration rose 1.04 cents to $4.059 per gallon, after dropping slightly the week before.
The average price was $4 or more in every region of the country, with the highest prices in the Central Atlantic region at 4.266 and the lowest on the Gulf Coast at $4 on the nose.
Light, sweet crude for May delivery rose $1.62 to settle at a record $111.76 a barrel on the New York Mercantile Exchange Monday. Some of the reasons for the jump, according to published reports, were another drop in the value of the dollar and supply disruptions, including the weekend closure of a Royal Dutch Shell PLC pipeline in the Midwest due to a leak.
Gasoline is also edging higher to a record milestone of $3.50 a gallon. Forecasts call for gas to peak as high as $3.65 within a month, reported the Associated Press.