Diesel Prices Skyrocket

May 12, 2008

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The average retail price of a gallon of diesel fuel skyrocketed to $4.331, according to the Energy Information Administration's weekly report, while crude oil briefly passed a record $126 a barrel Monday.

The week's average diesel price was 18.2 cents per gallon higher than the previous week and $1.558 higher than a year ago. In the Central Atlantic region, the average price surpassed $4.50 for the first time, with an average of $4.516. The lowest prices were in the Gulf Coast region, at $4.268.

Oil futures have sent new records for six straight sessions, but oil did end the day lower, dropping from the record $126.40 down to $124.23 on the New York Mercantile Exchange Monday, down from Friday's closing record of $125.96.

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