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Demand for diesel boosts oil prices
- Middle East: Tuesday, July 08 - 2008 at 09:16
Demand for diesel may be behind much of the rise in crude oil prices, according to US energy economist Philip K. Verleger. Demand for diesel is rising in both the US and Europe, and its price has been rising much faster than that of gasoline. Truckers and other users of ultra-low-sulfur diesel fuel - the newly improved, cleaner version of the gasoline alternative - are being hit hardest by rising prices at the pump, reported Reuters. It's becoming clear the US should dip into its Strategic Petroleum Reserve for the light, low-sulfur crude that is most efficiently turned into diesel.
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Jeff Florian, Senior ReporterTuesday, July 08 - 2008 at 09:16 UAE local time (GMT+4)
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