WASHINGTON, June 12 (UPI) -- Oil and gasoline industry experts are beginning to see an end to the recent era of high U.S. gasoline prices.
"Demand is falling ... because of a response to higher prices," says economist Mark Zandi of Moody's Economy.com. "Layer on weaker economic growth, and you will see a measurable decline. Ultimately, prices will moderate."
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Zandi's prediction comes as the head of global oil giant BP PLC predicts a return to $40 per barrel crude oil in the mid-term.
The American Petroleum Institute notes that in six of the last 10 months overall U.S. energy demand has fallen.
Analysts note that as recently as 2001 U.S. oil prices were well beneath $30 per barrel and U.S. gasoline was a mere $1.40 per gallon.