Diesel Prices Increase, Oil Hovers Near $70

June 8, 2009

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Diesel prices shot up 14.6 cents a gallon this week to $2.498, the largest weekly jump in more than a year, according to the Department of Energy.

While this still trails the year-ago price by $2.194 for the same week last year, this marks the fifth consecutive week it has seen gains, according to figures from the DOE's Energy Information Administration.

Prices stayed above $2.44 in all regions throughout the U.S., with the Rocky Mountain and Lower Atlantic regions at the low end, at $2.442 and $2.468, respectively. The Central Atlantic and California saw the highest numbers for the week, with $2.619 and $2.676 a gallon, respectively.

In contrast, crude oil fell 35 cents Monday, settling at $68.09 a barrel on the New York Mercantile Exchange, reports the Associated Press. Prices dropped as low as $66.78 a barrel during trading, after jumping to over $70 on Friday. The slight drop is being attributed to uncertain demand related to the unemployment rate as well as a sentiment that the oil bubble is ready to pop.

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