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Gas prices down 5 percent since April

Published: Friday, May 11 2012 12:01 p.m. MDT

Gas prices have fallen 5 percent since they peaked in April as economic concerns bring down the price of oil, according to Bloomberg Businessweek.

The national average for gas dropped to $3.73 a gallon on Thursday, a decrease of almost 20 cents since April 6 when it was $3.93 a gallon, according to the article. Compared to this same time in 2011, gas prices have dropped almost 21 cents.

Benchmark U.S. oil has dropped 6 percent since April while Brent crude, which sets the price for oil imported into the U.S., has fallen by 8 percent, according to Businessweek. Some analysts think oil prices will continue to drop this summer if supply rises as expected. OPEC increased its oil production by 320,000 barrels a day in April, according to Platts, the energy-information arm of McGraw-Hill Cos.

As the world economy continues to struggle, falling gas prices could be a boost, according to CNNMoney. Gas prices in the U.S. have dropped enough to save Americans up to $3 per fill up, accumulating to a total of $73.1 million a day.

EMAIL: bbullock@desnews.com

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