NEW YORK (CNNMoney) -- Oil prices have plunged this week, erasing the gains of recent months and dissipating fears of $5-per-gallon gas ... at least for now.
The price of U.S. crude oil slipped beneath $100 per barrel on Friday, dropping about 4% from Thursday, to settle at $98.49.
Oil prices are usually a predictor of gasoline prices, which typically mimic the fluctuations in oil, although sometimes not until days or weeks later.
In reaction to dropping oil prices, gas prices have dropped about 6.5% over the last week, reaching a national average of $3.802 a gallon on Friday, according to the motorist group AAA.
This knocks the price of oil back down to where it was in early February, which was the last time that oil traded below $100 per barrel before it began its meteoric rise. The price of oil peaked in late February, when it exceeded $109 a barrel.
Brent crude oil, which comes from the North Sea, has also been declining. Brent fell more than 3% on Friday to $112.20.....