Diesel and Gas Prices Down, Oil Hits 2012 Low

May 07, 2012

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Gasoline and diesel fuel prices dropped for the fourth straight week, and the price of oil hit its lowest point this year due to more concerns over the state of Europe's economy.

This week, the average price of U.S. diesel price dropped 1.6 cents to $4.057 per gallon. A year ago this week, diesel fuel was 4.7 cents less than what it is now. Ten years ago this week, the price of diesel at the pump was $1.305 per gallon.

The average price of gasoline also dropped this week, by 4 cents to $3.79 a gallon. The West Coast was the only region to see an increase in price, by 1.4 cents. With sumer driving season almost upon us, it's unclear how long these fuel price decreases will last.

Oil prices have reached a a low for 2012 this week after elections in Europe sparked uncertainty. Benchmark U.S. crude lost $1.10 to $97.39 per barrel in New York. It fell as low as $95.34 per barrel earlier in the day, 10 cents below the previous low, set on Feb. 2.

Oil prices took a dive after French and Greek voters rejected incumbent leaders who supported austerity measures to mend the region's weakening economy. French voters elected a new president, socialist Francois Hollande, who is committed to increasing spending. Greek voters removed a number of pro-austerity candidates after the parties suffered a sharp decline in support.

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