Diesel fuel costs reach record high

Crude oil prices rose above $111 a barrel this week; many investors have been buying crude oil as a hedge against inflation.

According to a survey by the AAA polling more than 80,000 service stations across the country the price of diesel fuel has risen 35 percent over the past year.

The average price per-gallon of diesel fuel for April 13, 2008 was $4.108, up nearly two-tenths from the previous months’ average of $3.967. Diesel fuel averaged $2.931 in the same period from the previous year. In comparison, diesel fuel is up 18.5 percent from the previous years’ mark.

New Jersey has the cheapest gas of any state at $3.11 per gallon according to the survey, and California has the most expensive gas at $3.80 per gallon.