OPEC vows price cap; diesel at $1.53

| Tuesday, September 18, 2001

A spokesman for the Organization of Petroleum Exporting Countries said Monday the cartel would act immediately if crude prices rose above an acceptable level following last week's attacks in the United States.

"If we find prices above an acceptable level OPEC would take the necessary measures," United Arab Emirates Oil Minister Obaid bin Saif al-Nasseri told news reporters. He identified any price above $30 a barrel as unacceptable. The OPEC basket price stands at $26 a barrel.

The weekly retail on-highway diesel prices released by the Energy Department Monday (Sept. 18) show the national average cost of diesel is the highest it's been since late May. The average price of diesel increased 3.5 cents from last week to $1.53 per gallon.

The biggest price increase from a week ago was in the Gulf Coast region. Diesel there jumped about 5 cents to $1.45 per gallon. Fuel in the region has risen about 10 cents over the last three weeks.

The highest prices nationally are found in the state of California. Fuel in the Golden State increased slightly to $1.69 gallon. The lowest prices are once again found in the Lower Atlantic region. Fuel there rose more than 3 cents to $1.41 per gallon.

The remaining regions' price per gallon is as follows: East Coast, $1.45; New England, $1.49; Central Atlantic, $1.54; Midwest, $1.59; Rocky Mountain, $1.58; and West Coast, $1.60, respectively.

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