Diesel Prices Rise 9 Cents, Price of Oil Falls 4.2%
July 23, 2012
Diesel and gasoline prices rose again this week, by 8.8 cents and 1.6 cents, respectively, reports the Energy Information Administration. Oil prices tumbled 4.2% Monday due to returning worries about Europe's debt crisis.
Diesel prices rose this week to $3.783 per gallon from $3.695 per gallon. All regions experienced price increases, and both the West Coast less California and the Lower Atlantic experienced increases more than 10 cents.
Gasoline prices increased to $3.427 from $3.411 per gallon. Regions that experienced price decreases this week were the Midwest (down 2.2 cents), the Gulf Coast, (down 4.2 cents) and West Coast less California (down 2.9 cents). The average price of a gallon of gasoline in the U.S. is down 25.5 cents from this time last year.
Oil prices fell due to renewed doubts regarding the euro zone's viability. Nymex front-month oil futures on the New York Mercantile Exchange settled at $88.14, down 4.2%, while Brent crude futures traded down $3.54 at $103.29 a barrel.
For more information: www.eia.gov/petroleum/gasdiesel