Fuel Smarts

Diesel Reaches Highest Price Since Summer 2008

March 19, 2012

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The average diesel price spiked 1.9 cents this week to $4.142 a gallon, its highest price since the summer of 2008, according to the Energy Information Administration's weekly fuel update.
Diesel prices are back up at 2008 levels, which is when this photo was taken.
Diesel prices are back up at 2008 levels, which is when this photo was taken.
The price is the second highest since diesel reached $4.145 on Aug. 25, 2008.

California actually saw a very slight decrease of .2 cents, but the state still has the highest diesel prices in the country with an average of $4.481.

Gas prices rose 3.8 cents to $3.867. The Gulf Coast was hit the hardest with an increase of 5.1 cents per gallon.

This is the eighth week of price increases. The average diesel price is up 23.5 cents from this time last year, and gas prices are 30.5 cents higher than one year ago.

Oil prices closed mixed this week. Benchmark U.S. crude climbed $1.03 to $108.09 per barrel as optimism continues to grow regarding a strengthening global economy. However, Brent crude fell 10 cents to finish at $125.71 per barrel due to supply worries sparked by continuing Iran tensions.

Worries over Tehran's nuclear weapons program, which it claims is for peaceful purposes, continue to affect prices.

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