Diesel prices across the U.S. dropped nearly below the $4 per gallon mark, dropping roughly half a cents in the week ending May 15 as oil prices hit a new 2012 low.
The average price of $4.004 is down 5.7 cents from the same period a year ago, after falling for the fifth straight week, according to the U.S. Energy Information Administration. Prices are up 22.1 cents, or 5.8 percent, from the beginning of the year. The last time prices fell below $4 was in the week ending Feb. 20
Prices fell in all regions, with the East Coast’s Lower Atlantic joining the New England, the Midwest, the Gulf Coast and the West Coast excluding California in seeing diesel under $4 a gallon. The Midwest saw the sharpest decrease, with prices falling 6.5 cents to $3.897.
Oil prices fell $1.75 to $94.38 a barrel on the New York Mercantile Exchange. Prices fell on increased worries that Greece will ditch the euro currency, after voters rejected austerity measures by voting out incumbents earlier this month.