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Diesel Continues to Rise, Oil Down After Rally

June 15, 2009

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Diesel prices continued to rise for the sixth straight week, jumping up 7.4 cents to $2.572, according to the Department of Energy.
This is still $2.12 below last year's price during the same week, when it hit $4.69.

Monday marked the highest level diesel has reached since Dec. 1, 2008, when the price was $2.62.

Of the different regions, the Central Atlantic saw the highest prices this week at $2.696, followed by the West Coast at $2.655. This included California, where it hit $2.73. The lowest prices were experienced by the Rocky Mountain and Gulf Coast regions at $2.52 and $2.54, respectively.

Separately, crude oil rose to $72.68 a barrel last Thursday, the highest since Oct. 20, and fell to around $70 Monday, according to CNNMoney.com. Oil fell as the dollar rose against the Euro, stocks fell and as oil-related global events unfolded, including Iran's presidential election and a meeting of the Group of Eight in Italy.

Gas prices went up 0.6 cents to $2.669 a gallon Monday, which is up about two-thirds since the beginning of the year, reported the Associated Press.

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