Crude settles just below $80 per while gas and diesel meander along the low

Gulf Coast Residents say goodbye to the $2.48 per gallon average they were paying? Crude Oil - With an announcement from the US Federal Reserve would increase the discount rate making it more expensive for banks to take short-term loans from the central bank on Thursday, Crude Oil neared 80 dollars per barrel Friday. With the economy appearing to be recovering albeit ever so slowly, crude demand should increase with resultant higher prices ahead. NYMEX crude for March delivery settled at $79.81, up $0.75 for the day and $5.61 for the week. In the holiday-shortened week, Crude oil climbed a steep 7.66%.