Diesel, Gasoline Prices Rise Again

August 6, 2012

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Diesel prices rose again last week, with the U.S. Department of Energy reporting a national average of $3.85, up 5.4 cents from last week, while gasoline price surged by 13.7 cents per gallon.

Diesel prices topped the $4 mark in California, where the average price was up 5.6 cents to $4.023, driving overall West Coast prices to an average of $3.959. The lowest prices were in the Gulf Coast region at $3.752. Prices rose in every region of the country.

Gasoline prices are on the rise as well; the average price rose in every region of the country except the Rocky Mountain region. The national average is $3.645, up 13.7 cents over the previous week. The jump was driven by a more than a quarter-per-gallon hike in the Midwest region to $3.772.

Future prices for light, sweet crude for September delivery rose 80 cents, or 0.9%, to settle at $92.20 a barrel on the New York Mercantile Exchange Monday, the highest settlement price since July 19. Crude oil future prices have risen nearly 20% since hitting a low of $77.69 in late June.

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