Diesel Fuel Retail Price Hits Record
Posted on: Tuesday, 5 July 2005, 12:01 CDT
U.S. diesel fuel prices have reached a record high retail price of $2.394 a gallon after soaring 35 percent in the last year.
The 35-percent increase roughly tracks a rise in the price of the fuel's feedstock, crude oil, which was close to $60 per barrel Tuesday, the Dallas Morning News reported.
It's sort of a bad news-good news thing, said Peyton Feltus, president of Randolph Risk Management in Dallas.
The bad news is fuel prices are higher. The good news is that's because our economy is doing very well.
Feltus said refineries are continuing to invest in plants and increase yields, which should prevent shortages and more diesel price hikes.
Without supply disruptions, I think we're very near the peak for the season, he said.
It's definitely a stress on the economy, but we're handling it well.
Source: United Press International
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