Posted: May 10, 2012 12:04 PM
Source: Associated Press
NEW YORK- Gasoline prices have dropped 5 percent since peaking last month.
The national average fell to $3.739 per gallon on Thursday, down nearly 20 cents since hitting a high of $3.936 on April 6. And compared with a year ago, regular unleaded is 21 cents cheaper.
Gasoline prices are falling as concerns about the economy pull down the price of oil.
Benchmark U.S. oil has fallen 6 percent since April. And Brent crude, which sets the price for oil imported into the U.S., has dropped by 8 percent.
On Thursday, Brent fell 35 cents per barrel to $112.85. Meanwhile, benchmark U.S. oil reversed course, rising 25 cents to $97.06.
The price of natural gas increased 1.8 cents to $2.482 per 1,000 cubic feet. A report showed supply rose less than expected.