The price of oil set another record Thursday, Nov. 1, rising above $96 a barrel before settling back to $93.44 by early afternoon.

Diesel fuel went up another penny a gallon over night, according to ProMiles, with Thursday’s national average at $3.23 a gallon.

In China, the government raised the price of diesel fuel and gas by about a nickel-a-gallon on Wednesday, even though there’s a severe diesel fuel shortage in many cities.

The Chinese government argues that raising prices will reduce demand.