Gas price hikes end, oil sinks
Gasoline prices have finally dropped after 27 straight days of increases.
NEW YORK (AP) — Gasoline prices have finally dropped after 27 straight days of increases.
The nationwide average for regular unleaded slipped less than a penny to $3.764 per gallon. That ended a streak of price hikes that began on Feb. 8. Pump prices rose by more than 28 cents per gallon in that period, making gasoline the most expensive ever for this time of year.
Also Tuesday, oil fell to its lowest price in about two weeks, while the price of natural gas remained near a 10-year low.
The relief at the pump should be temporary. Experts predict that gasoline prices will rise over the next several weeks. The Oil Price Information Service says the nationwide average could peak at $4.25 per gallon in late April, beating the record high of $4.11 per gallon set in July 2008. That will likely keep gas prices front and center in the presidential campaign and economists will argue their impact on the U.S. economy.
At a White House press conference, President Obama dismissed suggestions by some of his Republican critics that he wants to see gasoline prices rise.
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