Diesel, Oil Again Set Record Highs

April 28, 2008

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Diesel prices hit another record last week, with the average price reported by the Energy Information Administration at $4.177 nationally, up $1.366 from a year ago and up 3.4 cents from last week's record-setting price.

The highest average retail price reported was in the Central Atlantic region at $4.376 -- up $1.503 from a year ago -- while the lowest reported average was in the Gulf Coast region at $4.113.

Meanwhile crude oil futures rose to a new record near $120 a barrel Monday on the New York Mercantile Exchange. Light, sweet crude for June delivery rose to a record $119.93 a barrel in electronic trading overnight, then retreated to trade up 59 cents at $119.11 a barrel, reported the Associated Press.

Gasoline prices continue to rise, as well, with the Oil Price Information Service and AAA reporting a record $3.60 a gallon. Analysts believe a price peak could be near, though it could rise another 10 to 15 cents before it hits that peak and starts to fall.

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