Tags: obama | gas | prices | peak

Obama May Receive Reprieve on Gasoline Prices

Thursday, 12 Apr 2012 12:10 PM

By Newsmax Wires

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Gasoline prices appear to have topped out, energy analysts tell The Hill. That would be a welcome political development for President Barack Obama, who has been the subject of withering attacks from various Republicans over the past few weeks for the recent price run-up.

After peaking at $3.94 a gallon last week, the average national gas price has dipped to $3.91, according to AAA’ Daily Fuel Gauge Report.

“What this could potentially mean for motorists is that prices could take a bit of a breather or they might fall,” Patrick DeHaan, senior petroleum analyst at gasbuddy.com, told The Hill. “Traditionally, every spring we see prices rise like this. They tend to peak in late spring.”

The price decline during the past five days is the biggest of any during the past year, Ben Brockwell, director of data and pricing at the Oil Price Information Service, told The Hill.

“The trend is certainly reversing nationally,” he said. A "shift in psychology" in the oil market explains the change, Brockwell said. The West’s conflict with Iran has cooled a bit and news of sluggish U.S. job growth indicates that gas demand may ease.

“It’s reasonable to think that prices have peaked for the summer,” Brockwell said. But Obama’s not totally in the clear. Prices could easily spike back up if the oil market is hit with bad news such as a ratcheting up of tension with Iran, Brockwell said. “The reality is we’re only one event from prices going back up.”


© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Cowboy Poet Waddie Mitchell Pens 'Call to All' on Nevada Ranch Standoff

Sunday, 20 Apr 2014 12:52 PM

A week after a tense standoff between gun-toting states' rights advocates and federal Bureau of Land Management police,  . . .

Boxer Rubin 'Hurricane' Carter Dies at 76

Sunday, 20 Apr 2014 11:26 AM

Rubin Hurricane Carter, the boxer whose wrongful murder conviction became an international symbol of racial injustice, . . .

Boston Marathon Defies Terror Attacks One Year On

Sunday, 20 Apr 2014 10:53 AM

The Boston Marathon returns Monday under a major security crackdown after last year's deadly bombings as a near record 3 . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved