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Posted AT 3:47 PM EST on 05/08/08

Oil slips as low as $118 a barrel

PABLO GORONDI

The Associated Press

NEW YORK — Oil prices sank as low as $118 (U.S.) a barrel Tuesday on the growing belief that a U.S. economic slowdown and high energy costs are curbing consumer demand for gasoline and other petroleum products. Crude's decline is giving Americans more relief at the pump. A gallon of regular gasoline in the United States on average fell another penny overnight to $3.

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