Oil prices top $66; diesel continues to climb

| 8/12/2005

As prices for light, sweet crude rose to a record of $67.10 on Friday, Aug. 12, in midday trading on the New York Mercantile Exchange, diesel prices continued to rise as well, especially in California.

ProMiles reported an average price of $3.006 per gallon in California, compared to a national average of $2.51 per gallon. Some California retailers were posting prices as high as $3.42 per gallon on Aug. 12, according to CaliforniaGasPrices.com.

Increasing refinery outages in the United States are being blamed for part of the increase, with the most recent being a power outage on Thursday, Aug. 11, at a ConcoPhillips facility in Wood River, IL.

What’s worse, there seems to be no relief in site. Some analysts are saying in news reports that oil prices could test the $70 mark in the coming weeks, which means fuel prices won’t likely be going down any time soon.