Gasoline prices across the United States have fallen, and this year's peak has passed

Gasoline prices across the United States have fallen, and this year's peak has passed (Alberta Times) After four months of continuous rise, gasoline prices finally stopped at nearly $4 at the beginning of this month...

National gasoline prices fell, and this year's peak has passed (Alberta Times) After four months of continuous rise, gasoline prices finally stopped at nearly $4 at the beginning of this month. The Associated Press says the worst is over: gasoline prices are starting to fall across the United States. According to the Associated Press, drivers, politicians and economists are worried that gasoline prices will exceed previous records, affecting consumers, angering voters and dragging down an economy that is still in a difficult period of growth. But nationwide gasoline prices have fallen 6 cents over the past two weeks to $3.88 a gallon on Friday. Experts say gas prices could drop by more than 10 cents next week, saving motorists about $2 each time they fill up. Drivers can also say they spend less on gas now than they did a year ago, something they haven't said since October 2009. Gasoline prices in 11 states across the country are lower than a year ago. The price of $3.88 per gallon is still high, but the national average price of gasoline is down from $3.94. The so-called $5-a-gallon forecast at the start of the year has evaporated. Oil Price Information Service publisher and analyst Kolozha predicts that gasoline prices will drop to $3.80 a gallon next week. Hoffman, an economist at PNC Financial Services Group, said that as gasoline prices fall, consumers will have more money to spend on other expenses, stimulating economic growth. For every 10 cents per gallon price drop in gasoline, consumers across the United States have $37 million per day that they can spend elsewhere. Crude oil prices reached $104 a barrel earlier this year, pushing gasoline prices higher. World crude oil demand is expected to hit a record this year, with a series of production setbacks tightening global supplies. As the West tightened sanctions on Iran in an attempt to force it to abandon its nuclear program, crude oil prices briefly rose to $110. Fears of Iranian retaliation that could disrupt crude supplies from the Middle East are factors that experts say could lift oil prices by $15 a barrel. Domestically, worries about limited gasoline supplies persisted in the East as three refineries closed and two were expected to close. Gasoline futures prices rose to their highest in nearly a year. However, several factors have contributed to the decline in gasoline prices: – Crude oil prices have fallen in recent weeks. Iran and the West have begun negotiations; growth in oil demand has slowed; world oil supplies have risen again due to rising crude oil production in Saudi Arabia, Libya and the United States; oil prices have fallen from a peak of $110.55 on March 1 to the current $103.05 per barrel. – Two eastern U.S. refineries already have potential buyers and are expected to remain open. – American drivers are also more frugal than ever. U.S. gasoline demand is down 6% from this time last year, according to the latest government data. U.S. gasoline futures have fallen 8%. That would lower wholesale gasoline prices, and that decline would quickly be transferred to gas stations. But gas prices won't plummet. Even if the Iran issue is completely resolved, analysts say oil prices will not fall much below $90 a barrel. In addition, oil prices are still likely to reverse momentum and climb again. Hurricanes in the Gulf of Mexico, tensions in the Middle East or civil unrest in oil-producing countries such as Iran and Nigeria could reduce supply. World economic growth will also increase demand. Gasoline prices rise every spring, usually peaking in May. But this year the decline is slightly ahead of schedule.