Diesel prices bump up; reach $1.777 mark in New England

| 1/27/2004

The average U.S. retail price of diesel fuel increased to $1.591 from the previous average of $1.559, the Department of Energy reported.

At its last session in December, OPEC oil ministers hinted they could decide to lower production in anticipation of an expected decrease in demand in the third quarter. The cartel is expected to meet in Algiers Feb. 10.

Meanwhile, oil prices are currently hovering above $30 a barrel in both London and New York, with freezing weather in the United States driving up the demand while supplies and stocks remain tight.

For the third consecutive week, the highest average prices are in New England, where diesel fuel reached $1.777; in the Central Atlantic region, where the price is $1.737; and in California, where the average price is $1.680 a gallon.

The lowest prices are in the Midwest, at $1.564; the Rocky Mountain region, where the price is $1.555; and on the Gulf Coast, at $1.558.

Other average prices: the West Coast, where the price is $1.639; the Lower Atlantic region, where the average price is $1.579; and $1.636 on the East Coast.