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Time to declare energy bubble over?

Gasoline dropped by nearly a penny at filling stations across the country Friday.

If crude prices hold at current levels or head lower, drivers may see further relief in the coming days.

Is it time to declare the energy bubble over?

Experts aren't ready to go that far. Oil has bounced back repeatedly from big drops, and oil prices continued to erase record highs this year.

But sentiments are shifting. Experts who just days ago thought the market's meteoric run still had legs are growing cautious.

Some say last Friday's high above $147 a barrel may be the last record the market sees – for now.

“If this is not the bubble's implosion, than it's a reasonable facsimile,” analyst and trader Stephen Schork said in his daily market commentary.

Oil's drop may have an immediate effect, as gas station owners desperate to get drivers back to the pump consider a pre-emptive cut in price.

The price for a gallon of regular fell to $4.105, down nearly a penny, according to AAA, the Oil Price Information Service and Wright Express. Diesel also eased, dipping three-tenths of a cent to $4.842.

“We could see the nationwide average drop down to $4 or perhaps lower than that. And we think that could happen relatively quickly … within the next couple of weeks,” said Geoff Sundstrom, a spokesman for auto club AAA.

Light, sweet crude for August delivery fell 41 cents to settle at $128.88 a barrel on the New York Mercantile Exchange.

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