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Diesel Prices Head Back Up

March 23, 2009

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After falling nearly every week since they peaked last July, diesel prices this week took a hike back upward, with the national average price of a gallon jumping 7.3 cents to $2.09.


Prices rose in every region except New England, which had the highest price at $2.403 and remained unchanged from last week. The lowest prices were seen in the Rocky Mountain region at $2.036. The biggest jump in price was seen in the Gulf Coast region, where the average price was up 8.7 cents per gallon to $2.060. All regions saw the average price rise back up to over the $2-a-gallon mark.

It's not surprising, since crude oil prices have been creeping back up as well. Oil prices rose $1.73 to finish the day at $53.80 a barrel Monday on the New York Mercantile Exchange, after briefly topping $54 a barrel during the day's trading. On Friday, oil ended the week above $50 for the first time this year, reports the Associated Press, and prices have risen more than 30 percent this month.

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The higher crude oil prices are due to better economic news that has fueled hopes demand will be picking up. OPEC oil cuts are also credited as a factor in the higher crude prices. Algeria's Energy Minister Chakib Khelil predicted Sunday that crude oil prices could hit $60 per barrel by the end of the year, AP reports.


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