Gas Prices Reach Highest Springtime Level Ever

Relevant Link; Thank Limbaugh, Beck, Hannity and Prager for Rising Gasoline Prices

New York May 2, 2011; Alan Farnam writing for ABC News reported that Crude oil prices fluctuated Monday, following President Obama's announcement that U.S. Navy SEALs had killed al Qaeda leader Osama bin Laden.

Prices first fell, then rose, then fell again, landing at a four-day low: $113 a barrel on the New York Mercantile Exchange. The U.S. Department of Energy reported late Monday that gasoline prices at the pump averaged $3.96 a gallon nationwide, up a little over 8 cents from a week ago. The price hit $4 a gallon or higher in 12 states plus the District of Columbia.

AAA and other market watchers said they expect $4 to become the norm nationwide by the end of this week. Petroleum expert Andrew Lipow, speaking with ABC News, said the price of crude fell by two dollars immediately following the President's announcement, then, by mid-morning, had climbed 50 cents. He attributed the initial drop to concerns that al Qaeda might stage reprisals.

Lipow said he expects the effect of bin Laden's death to be mostly positive. "It's good news that the threat of terrorist action against oil producing, refining, and transportation facilities around the world now seems to be reduced," he said.

Click here for the latest on gas prices from ABC.