Mark Szakonyi, Associate Editor | Jun 11, 2012 4:38PM EDT
Diesel prices in the U.S. hit the lowest point since October, falling 6.5 cents in the week ending June 11 as oil prices rose to nearly $85 a barrel.
The average price, $3.781, fell for the eighth week, according to the U.S. Energy Information Administration. Prices are down 1.73 cents from a year ago and two-hundredth of a cent from the beginning of the year. Prices haven’t been this low since the week ending Oct. 17 when diesel fetched on average $3.721 a gallon.
Prices fell in all regions, with California the only region not seeing prices drop below the $4 a gallon mark. The New England region and the West Coast joined the rest in country in enjoying prices under $4 a gallon. The Midwest saw the sharpest price decrease, with the cost of diesel per gallon falling 7.2 cents to $3.519.
Crude oil for July delivery rose 77 cents to $84.87 a barrel on the New York Mercantile Exchange. Investor optimism rose after Europe offered a $125 billion rescue loan to ailing Spanish banks.
Contact Mark Szakonyi at mszakonyi@joc.com. Follow him on Twitter @szakonyi_joc.