Diesel prices have risen 0.9 cents over the last week, making the national average $1.63 per gallon, the Dept. of Energy said Monday. This is a continuation of the steady price hikes that have occurred since OPEC’s February decision to cut production.
Nationwide demand for petroleum— spurred by the rebounding economy coupled with OPEC vows to cut production by April 1— has driven up costs. According to The Wall Street Journal Online barrel of crude oil sold for $36.57 on the New York Merchantile Exchange on Monday— well above OPEC’s targeted range of $22 to $28 per barrel.
On March 10, 2003 diesel prices reached a two-year peak of $1.77 per gallon.