June 25, 2012
U.S. diesel and gasoline prices fell for the 11th straight week, falling to 21 cents and 13.7 cents, respectively, below fuel prices from one year ago, according to the Energy Information Administration's weekly fuel update. Oil prices fell to $79.21 per barrel Monday, a result of continued anxiety regarding Europe's economic situation.Diesel prices fell 5.1 cents to $3.678 per gallon, the lowest price since Feb. 2011. All regions experienced price decreases, with the highest being a 6.2-cent decline in West Coast less California.The price of gasoline dropped 9.6 cents to $3.473 per gallon. The Midwest experienced the largest price drop, with prices falling 13 cents to $3.431. The region with the lowest average gasoline prices is currently the Gulf Coast at $3.195.Oil prices took a dive Monday, dropping 55 cents on the New York Mercantile Exchangeto close at $79.21 a barrel.Down from more than $109 in February, the sharp fall in oil prices could help the U.S. and the European Union clamp down on Iranian oil exports in the coming days with reduced anxiety that the sanctions will cause a rise in prices that could harm the global economy.For more information on diesel and gasoline prices: www.eia.gov/petroleum/gasdiesel/.