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Oil prices drop 6% for the week
By Gobby Wang
Taiwan News, Staff Writer
2012-05-05 11:32 AM

Oil prices have dropped 6% this week, erasing the increases of recent months and easing fears about $US5 per barrel by midday on Friday - is easing fears that high energy prices would cripple a US economy that is struggling to overcome high unemployment, stagnant wages and weak growth.

Nationally, gasoline averages $3.80 a gallon — about 12 cents below this year's peak and nearly 20 cents below 2011's $3.99 a gallon.

Gasoline prices have now fallen 18 straight days and 25 of the past 28.

Tom Kloza, chief oil analyst for the Oil Price Information Service, said the pre-summer run-up in oil and gas prices happened earlier than usual this year, and demand petered out.

“The bottom line is that the [oil and gasoline] market gets sloppy drunk every spring,” he said.

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