Yet another record day for diesel prices

| 2/29/2008

ProMiles reports the national average price of diesel went up another 2 cents today, putting it at another record high of $3.64 a gallon. That puts a 200-gallon fill-up at $728. And that’s just the national average.

In Connecticut and Vermont, the average statewide price is $3.81 a gallon, just 19 cents short of the $4 mark.

On Thursday, Feb. 28, the price of oil briefly hit a new record high of $103 a barrel before closing around $102.

The Associated Press and other media are reporting that the high price of oil – and fuel –is being driven by investors who are seeking a safe place to put their money during a weak economy.

However, The AP quotes one analyst as saying much of the investing is based on emotion instead of crude oil’s true value and that the market faces the risk of a price collapse.