Diesel, crude continue to spiral up as the dollar drops

| Wednesday, April 16, 2008

Both diesel fuel and crude oil reached new record highs Wednesday, April 16. ProMiles showed the national average for diesel at $4.12, up 3 cents from Tuesday.

In New York, crude oil trading reached a record $114.95 per barrel Wednesday morning, dropping slightly later in the day.

Analysts say the fact that the U.S. dollar has reached a record low against other currencies is prompting investors to put money in oil, thus driving up the price.

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