Diesel hits record high as oil prices soar

| Tuesday, June 28, 2005

The national average price for diesel hit a record high for the week ending June 27, rising yet another 2.3 cents to $2.336 per gallon.

That’s up more than 63 cents from the same time period in 2004, according to the Energy Information Administration. It also tops the previous record high, set in April, by more than 2 cents per gallon.

The highest regional average was found in California, at $2.522 per gallon. The rest of the West Coast had an average of $2.433 per gallon.

Meanwhile, the East Coast had an average of $2.368 per gallon. New England, which posted an average of $2.476 per gallon, had the highest prices in that region. But that was only slightly higher than the Central Atlantic region at $2.461 per gallon. The Lower Atlantic came in at $2.318 per gallon.

The biggest increase overall was in the Rocky Mountain region, which jumped 5.2 cents to $2.288 per gallon.

The Gulf Coast posted a slight increase to $2.288 per gallon, while the Midwest came in at $2.314 per gallon.

Industry experts blamed increases on the rising cost of crude oil, which had gone back down below the $60 per barrel mark on June 28 after rising above $61 earlier in the week.

According to news reports, fears about supplies triggered by the election of a hard-line president in Iran and a prolonged refinery outage in Texas have contributed to skyrocketing oil prices.

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