Diesel Prices, Oil Down

June 9, 2008

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The average price of a gallon of diesel fuel dropped slightly for the second week in a row, according to weekly figures from the federal Energy Information Administration, and crude oil prices dropped Monday as well.

The EIA's weekly on-highway diesel average released Monday stood at $4.692 a gallon, down 1.5 cents from the previous week but still $1.90 higher than a year previous. The highest average was reported in the Central Atlantic region at $4.879, the lowest in the Midwest region at $4.615. The average price in California slipped back down below the $5 mark to $4.992.

Meanwhile, crude oil prices fell more than $4 Monday on the New York Mercantile Exchange to close at $134.35 a barrel. The drop comes after record jumps last Thursday and Friday.

According to, the drop came after a Saudi Arabian official said the kingdome will call for a summit between oil-producing countries and the world's top oil-consuming nations to discuss rising energy prices. "There is no justification for the current rise in prices," Iyad Madani, Saudi Arabia's Information and Culture Minister, told the Associated Press.

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