Diesel, Oil Prices Jump

June 1, 2009

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Diesel prices took a big jump this week, up nearly 8 cents per gallon to $2.352.

Although that's still $2.355 less than a year ago, it's the fourth week in a row prices have risen, and oil prices hit new highs for the year Monday.

The average price of diesel was over $2.32 in every region of the country, with the lowest prices in the Midwest and Gulf Coast regions at $2.322 and $2.323, respectively. The highest average was reported on the West Coast, where an average of $2.502 in California helped boost that average to $2.460.

Crude oil futures rose $2.27 to settle at $68.58 a barrel on the New York Mercantile Exchange, reports the Associated Press, the highest close since early November. The jump is being blamed on a weak dollar and new numbers suggesting manufacturing in China is on the rise.

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