Gasoline and diesel fuel prices dropped again this week, according to the Energy Information Administration's weekly fuel update. Oil prices fell because of continuing concerns over Europe's economy.
The average U.S. diesel price fallen for the third straight week. This week, prices dropped by an average of 1.2 cents to $4.073 a gallon. In the past three weeks, the per-gallon price of diesel fuel has dropped a total of 6.3 cents. All regions experienced decreases this week except California, for which prices increased by an average of 1.2 cents.
Gasoline prices also dropped this week, by 5.2 cents to $3.87 a gallon. The Midwest saw an 8-cent price drop, the biggest regional price decrease. Midwest gas prices are almost 13 cents higher than last year, the largest regional year-over-year price difference.
Oil dropped slightly on Monday due to continuing concerns of economic troubles in Europe.
Benchmark U.S. crude lost 6 cents to end at $104.87 per barrel in New York. Brent crude lost 36 cents to end at $119.47 per barrel in London.
Recently, Spain announced it has fallen into recession, yet another sign of economic weakness in Europe, which consumes about 18% of the world's oil. Analysts are also concerned that Europe's growing debts could affect other regions, including the U.S., by sparking another banking crisis.
To view the EIA's weekly fuel update, go to www.eia.gov/petroleum/gasdiesel.
