Diesel Continues its Climb as Crude Prices Inch Higher

October 18, 2010

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The national average diesel price posted a seven-cent gain on Monday, hitting $3.073 per gallon as the Department of Energy released its weekly energy survey.
Monday's average price is $0.47 higher than last year. This week's hike follows a rise of more than 6 cents last week, and another 5-cent gain the week earlier. Diesel has jumped 12.2 cents so far this month.

The price increase was most pronounced on the West Coast where diesel was more than seven cents higher than last week. The West Coast continues to have the highest diesel prices in the Nation at $3.24 per gallon. Prices on the East Coast and in the Midwest registered gains of just under seven cents. Diesel was about six cents higher than last week in the Rocky Mountain region and along the Gulf Coast - where prices averaging just $2.979 per gallon.

The U.S. average retail price for a gallon of gasoline shot up 9 cents from last week to $2.82 per gallon and was $0.33 per gallon higher than last year at this time.

Oil prices got a boost on Monday bouncing back above $83 a barrel, as encouraging news and earnings reports sent markets higher and the dollar down against the euro. Benchmark crude for November delivery rose $1.83 to settle at $83.08 a barrel on the New York Mercantile Exchange.

More info: Weekly Retail On-Highway Diesel Prices.

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