Rising fuel costs have darkened the outlook for the US recovery and subsumed the White House race like an oil slick would a fledgling, yet despite the gloom, prices may have already peaked.

In the last week the average price of a gallon -- nearly four liters -- of gasoline has fallen three cents to $3.91 in the United States.

Europeans may scoff at that paltry cost, and the drop itself may not seem like much, but for millions of Americans struggling to get from A to B with their wallets intact, it is a U-turn in the right direction.

"After rising for all but four days in February and March -- an increase of 38 cents during that period -- prices have been down more days than they've been up in April," said Avery Ash of the American Automobile Association.

The recent price dip, which has echoed a similar dip in crude prices, has left economists and consumers wondering whether the pain at the pump may have peaked or just temporarily eased.

Since late last year energy prices have increased dramatically, driven by tensions with Iran, unseasonably warm weather and stop-start global demand.

According to analysts, fears of an abrupt halt in supply from Iran or a related blockage of nearby shipping routes has alone resulted in a $10-15 premium on a barrel of crude, which costs around $104 in New York today.

But these and other pressures have ebbed recently.

Iran and Western nations have taken their showdown over Tehran's nuclear program back to the negotiating table, for now eschewing tough talk about military action in the Strait of Hormuz or other bellicose gestures.

And there are signs that the calendar may have finally caught up with the weather.

On Thursday the official US statistics showed that business gasoline costs fell two percent, when seasonally adjusted.

Meanwhile, high prices have gone a long way toward squeezing demand.

"The oil price hikes have already started to make a dent in the oil imports," said Inna Mufteeva, a US Economist with Natixis.

In February oil imports fell to 7.8 million barrels of crude a day from 8.7 million barrels.

The global demand picture tells a similar tale according to the readings of the International Energy Agency's data.

"The IEA is now saying that after more than two years of steadily tightening oil, market conditions appear to have reversed," said Phil Flynn of PFG-BEST.

But there is also reason to be cautious about declaring an end to high prices, at least in the short term.

Tensions with Iran may yet resurface as November's US election grows near, and a long hot summer could bring rising demand and prices to match.

The US Energy Information Administration has predicted that average prices may again rise before falling.

"During the April-through-September summer driving season this year, regular gasoline retail prices are forecast to average about $3.95 per gallon, peaking in May at a monthly average price of $4.01 per gallon," The EIA said.

Americans might want to enjoy the lull while it lasts.