Phila.-area diesel hits $5 mark

There's been another unhappy mark set at the gas pumps today: The average price of a gallon of diesel fuel hit $5.

That's $5.01, to be exact, but the price in the five-county Philadelphia region jumped 2 cents overnight to get there, according to AAA Mid-Atlantic.

Not quite two months ago - on April 17 - the diesel average in the Philly area was $4.43.

Across the river, in South Jersey, the diesel average was $4.74 (up from $4.16 on April 17).

At the national level, diesel was averaging $4.79 a gallon, up 2 cents overnight, and up from $4.15 on that date in April.

Over at the regular gas pumps, a gallon of regular no-lead was averaging $4.11, up 2 cents overnight.

In South Jersey, the average was up a cent to $3.97.

The national average saw a gallon of no-lead up 2 cents, to $4.04.

Wall Street declined today as oil prices ratcheted higher and as speculation grew that the Federal Reserve might raise interest rates to fight inflation.

The International Energy Agency said oil-producing nations outside OPEC are having a tough time keeping up with demand.

The agency lowered its forecast for global oil demand because of the recent surge in prices, but said China might need more for reconstruction in the aftermath of May's earthquake.

This sent a barrel of light, sweet crude up $1.86 to $136.21 on the New York Mercantile Exchange. Crude prices last week climbed to a record high of $139.12.