Oil price drops, gas keeps rising

AP News
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Posted: Apr 18, 2011 3:42 PM
Oil price drops, gas keeps rising

EARLY FALL: Oil slipped early in the day as China moved to cool off its booming economy. It dropped further after Standard & Poor's lowered its long-term outlook for U.S. debt.

HOLDING PATTERN: The recent surge in oil appears to have slowed. Benchmark crude has settled below $110 per barrel for a week as experts worry about the effect of high energy prices on the world economy. The moves by China and S&P added to those concerns.

PUMPED UP: The drop in oil so far hasn't stopped an increase in retail gasoline prices. The national average at the pump hit $3.83 per gallon Monday. It's higher than $4 per gallon in New York, California, Illinois, Connecticut, Hawaii, Alaska and Washington, D.C.