Diesel prices up again, oil prices may fall after news of Bin Laden death

| 5/2/2011

The average price for on-highway diesel fuel is up more than 2-and-a-half cents according to a federal agency. The U.S. Energy Information Administration says diesel averaged $4.124 cents for the week ending Monday, May 2, 2011.

Daily tracking site ProMiles put Monday’s average at just shy of $4.14 a gallon following an increase of eight-tenths of a cent overnight. Just five states remain below $4 per gallon including taxes. The highest price by state is California at $4.457 including taxes.

Oil analysts from various sources are saying the price of crude fell Monday upon confirmation that Osama Bin Laden had been killed.

The New York Mercantile Exchange showed next month’s futures for light sweet crude trading at $113.21 per barrel on Monday, down 72 cents. December futures were down 73 cents a barrel to $114.00.

Following are diesel price averages for the past week compiled by the EIA:

U.S. – $4.124, up 2.6 cents
East Coast – $4.128, up 2.3 cents
New England – $4.231, up 0.9 cents
Central Atlantic – $4.269, up 3.1 cents
Lower Atlantic – $4.059, up 2.1 cents
Midwest – $4.086, up 2.5 cents
Gulf Coast – $4.060, up 3.6 cents
Rocky Mountain – $4.156, up 2.2 cents
West Coast – $4.328, up 2.3 cents
California – $4.465, up 2.7 cents