Diesel, Oil Prices Continue to Fall Amid News of Troubled Global Economy

November 17, 2008

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Diesel prices continue their headlong plunge, with the U.S. Energy Information Administration reporting an average retail price of $2.809 in its weekly report, down 13.5 cents from last week and more than 60 cents lower than a year ago.

The only regions of the country still over $3 a gallon are the New England and Central Atlantic regions, with the New England region reporting the highest average at $3.148. The lowest average was seen in the Gulf Coast region at $2.745.

Crude oil prices continue to fall, as well, after news Monday that Citigroup is cutting 50,000 jobs, and that Japan is the latest country to enter a recession, following Friday's revelation that the 15-country Eurozone had entered recession. Those kinds of announcements signal to buyers that demand for oil will be dropping.

Crude oil closed at $54.95 dollars a barrel on the New York Mercantile Exchange Monday, according to published reports.

In its monthly report, the OPEC oil cartel said that closer monitoring and intervention will be required as the group tries to keep prices from dropping further. OPEC revised its 2009 projection of growth in demand downward, to 0.57 percent from 0.87 percent. The cartel will hold a special meeting Nov. 29 to discuss the situation.

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