Diesel price continues rise
Mar 4, 2008 2:59 PM
The average price of diesel rose over 10 cents last week to $3.658 per gallon, according to the Department of Energy.
The prices of low sulfur diesel and ultra low sulfur diesel followed a similar trend last week, the former rising 8.6 cents to $3.597 per gallon and the latter up 10.8 cents to $3.666 per gallon.
This time last year, the average price of diesel was $2.626 per gallon, about $1 per gallon less than today.
Even though the Energy Information Administration (EIA) estimates continue to show crude oil inventories climbing, the crude price is still trading at around $100 per barrel. The New England Fuel Institute notes in its weekly newsletter, NEON, that speculative fever in crude oil is pushing up the asking price for other commodities, including heating oil, which hit a record high of $2.83 in electronic trading the week of February 28.
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