Diesel Prices Rise for First Time in Months

January 12, 2009

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After months of weekly declines, the average price of a gallon of diesel fuel rose 2.3 cents this past week, according to weekly figures from the U.S. Energy Information Administration.

EIA's weekly report shows an average price of $2.327 nationwide, with the highest prices still in the New England region at $2.621 and the lowest in the Rocky Mountain region at $2.235.

With the exception of a hundredth-cent increase in late September, the price of retail diesel has fallen every week since in hit a record high of $4.764 in mid-July of last year.

Oil prices, however, continued to fall despite OPEC production cuts. According to Bloomberg, crude oil for February delivery closed at $37.59 a barrel on the New York Mercantile Exchange Monday, down 59 percent from a year ago.

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