Gasoline and Diesel Set More New Records
By Michelle Krebs March 13, 2008AAA reported Wednesday that both diesel and gasoline prices broke previous record highs.
Gasoline rose to a nationwide average of $3.246 a gallon for regular unleaded. Diesel prices, which have been soaring even faster than gasoline prices and setting records almost daily for the past three weeks, hit a nationwide average of $3.876 Wednesday. Crude oil rose above $110 a barrel at some points Wednesday, closing at $109.92.
Analysts predict if oil stays even at $100 a barrel, gasoline prices will rise 40 to 50 cents more a gallon. Higher diesel prices will affect the entire economy as it is diesel that is used to transport goods of all sorts, analysts said, adding diesel, due to high demand, may continue its faster-than-gasoline rise.
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