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.”
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