Diesel and Gas Prices to Drop at the Pump This Summer

By Jonathan Spira on 23 June 2011
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Drivers of diesels as well as of gasoline-powered cars can expect to see lower prices at the pump this summer thanks to crude-oil futures which have dropped dramatically in recent days.

The International Energy Agency announced plans to release 60 million barrels of oil from its emergency reserves in the coming month to counter supply disruptions in Libya.  Oil prices were down almost five dollars to $91 on Thursday.

In recent weeks, drivers have already seen slightly lower fuel prices as economic uncertainty and the Greek debt crisis pushed crude prices lower. The U.S. Energy Information Administration (EIA) reports that the avergae price per gallon in the U.S. dropped from $3.781 on June 6 to $3.655 on June 20, although just how much prices will drop in the coming weeks is uncertain.

The spot price for ultra-low sulfur diesel fuel has dropped from $3.198 on June 14 to $2.945 on June 21.