Diesel, Gasoline Prices Continue Three-Month Downward Trend

July 2, 2012

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Diesel and gasoline prices fell this week after three straight months of decreases, according to data from the Energy Information Administration. Oil prices fell back down Monday after a surprising spike on Friday.

The price of diesel dropped 3 cents to $3.648 per gallon this week. Diesel prices are now 20.2 cents lower than one year ago. At $3.568 a gallon, the Gulf Coast currently has the lowest average diesel prices in the country.

Gasoline prices fell an average of 8 cents this week to $3.356. The price of gas has dropped almost 20 cents in just two weeks, just in time for Fourth of July travelers. The West Coast and the Midwest tied for the biggest price decrease this week, each with a 10.8-cent drop.

After a 9.4% jump in prices on Friday, crude-oil futures fell on Monday following weak Chinese manufacturing data and news of the sale of a large East Coast U.S. refinery.

Benchmark U.S. crude dropped 1.4% in New York on Monday, falling by $1.21 to settle at $83.75 per barrel. Brent crude also dropped, by 46 cents, to finish at $97.34 per barrel in London.

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