Gasoline and diesel fuel prices fell again this week after modest decreases last week, according to the Energy Information Administration's weekly fuel update. Concerns over Europe's economy drove oil prices down this week after reports that government debts keep rising.
Drivers some some relief at the pumps this week as prices fell.
Diesel fuel prices for the U.S. dropped 4.2 cents a gallon to $4.085 from last week's $4.127. Prices are down 1.3 cents from a year ago. Diesel dropped 5.7 cents in the West Coast region, the biggest regional decrease this week. Every other region experienced price drops except New England, where prices stayed the same.
Gasoline prices also fell this week, by an average of 5.2 cents a gallon to $3.870, down 9 cents from a year ago. The Midwest experienced the largest regional decrease with an 8-cent drop per gallon. Although prices are dipping lower, analysts say they'll jump back up in time for Memorial Day weekend.
Oil prices fell this week due to concerns regarding the European economy. Benchmark West Texas Intermediate crude lost 77 cents to settle at $103.11 per barrel in New York. Brent crude prices fell 5 cents to end at $118.71 in London.
Despite attempts to lower spending, government debts have still risen, according to a recent report from the European Union. This could affect the global economy in several ways, including declining sales for companies that export to Europe and more difficulty for International Banks to lend money.
Click here for the EIA's weekly fuel update.