Diesel Drops to Lowest Price of 2012
June 11, 2012
Diesel prices dropped 6.5 cents this week to $3.781 per gallon, according to a weekly report from the U.S. Department of Energy. California saw the biggest regional decrease, with prices dropping 12 cents to $3.902. Diesel prices are down more than 17 cents from a year ago.
U.S. gasoline prices also fell this week, by an average of 4 cents to $3.572. The West Coast had the biggest decrease with a drop of 9.2 cents to $4.093. Currently, the Gulf Coast is the region with the lowest gasoline prices, an average of $3.311.
Despite a boost for Spain's economy in the form of a $125 billion bailout loan for its banking system, analysts are still skeptical about the debt crisis in Europe. That skepticism caused oil prices to fall this week. Benchmark oil fell $1.40 to $82.70 per barrel in New York. Brent crude settled at 81 cents to $98.66 per barrel in London.
Spain is the fourth European country to request financial help since the start of the debt crisis, after Greece, Portugal and Ireland.