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Gasoline, diesel prices leap toward records

Written by Mehul Brahmbhatt on Feb 26th, 2008 | Filed under: Latest News

The price of diesel fuel hit a record Friday — and gasoline prices are leaping so fast they could set records next week.

Rocketing retail fuel prices are the result of the week’s $100-a-barrel crude oil prices and tight supplies as refineries switch to producing costlier summer-blend, clean-air gasoline that’s required by federal regulations.

The nationwide average price for diesel Friday was a record $3.541 per gallon, according to data collected daily at more than 85,000 fuel stations by the Oil Price Information Service (OPIS) and published by travel organization AAA.

That’s a jump of 3.8 cents a gallon overnight and 7 cents in two days, huge moves in a universe where a penny is considered significant.

The nationwide average for regular-grade gasoline Friday was $3.115, up 2.9 cents overnight and 6.2 cents in two days. At that rate, the average price by the middle of next week would break the record $3.227 set May 24.

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