U.S. light crude fell back to $54.93 a barrel Friday on the New York Mercantile Exchange, after setting a new record of $55 during the regular session, according to CNBC.
The price was up 17 cents for the day.
The highest diesel prices in the U.S. appeared to be in Washington state, where Flying J on Friday posted a price of $ 2.479 per gallon at some locations. The Pilot chain also posted $2.479 a gallon for diesel in Washington. TravelCenters of America's price in Washington was only 2 cents lower at $ 2.459. Flying J's lowest posted U.S. price was $ 1.969 a gallon one state south in Oregon.
The Owner-Operator Independent Driver Assn. Friday issued an Action Alert to members pointing out the increase and asking that they contact legislators about rising fuel prices.
Meanwhile, Federal Reserve Chairman Alan Greenspan predicted the soaring costs would not crimp economic growth as they did in the 1970s
"So far this year, the rise in the value of imported oil -- essentially a tax on U.S. residents -- has amounted to about 3/4 percent of GDP (gross domestic product)," he said, but warned:"The risk of more serious negative consequences would intensify if oil prices were to move materially higher."
International business magazine, The Economist, attributed the worldwide crude oil price increases primarily to political unrest in Nigeria, a member of OPEC.