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Oil Plunges – Have Gas Prices Peaked?

Petro traders see barrel dip below $100.

by on May.06, 2011

Has the run-up in oil prices peaked?

Maybe $5 gas isn’t so inevitable, after all – at least not for now.

Oil prices have taken their sharpest skid, this week, since the price plunge of late 2008, leading some analysts to predict that pump prices are also heading down – perhaps to $3.50 or lower – in the weeks ahead.

The unanticipated slide, which saw a barrel of crude trading for less than $100 on Thursday, follows reports that the nation’s economic situation has worsened.  Economists were wary that if oil kept climbing the U.S. might find itself slipping back into recession.

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The decline comes as President Barack Obama has stepped into the picture, asking his administration to look into potential market manipulation. During a visit to an Indianapolis hybrid transmission plant, today, the president is expected to discuss ways to further bring down prices at the pump – which had just nudged the $4.00 a gallon mark, nationally, before the petro slide.