NEW YORK, March 20 (Reuters) - U.S. motorists and gasoline retailers were keeping a level head on Thursday as war began in the oil-rich Gulf, with no reports of panic fuel-buying or price gouging, the American Automobile Association said.
"So far, so good," said Mantill Williams, a spokesman for the automobile and travel group. "We've gotten no reports of any price gouging and no reports of abnormal buying patterns that could lead to regional shortages."
Fears had been widespread that pump prices would shoot higher in some parts of the country because of expectations from drivers and fuel suppliers that the U.S.-led war in Iraq would disrupt shipments from the Middle East, which accounts for roughly 40 percent of world oil exports.
Following the September 11 attacks in 2001, some service stations in the United States pushed their pump prices as high as $5 a gallon as motorists flocked to fuel up, before swiftly bringing them back down and providing rebates.
The national average retail gasoline price on Thursday was holding around $1.71 a gallon, down slightly from the all-time high of $1.72 hit earlier this week, though some areas, including in California, were still above the psychological $2 mark, AAA said.
The high prices in recent weeks have triggered calls for vigilance against price gouging by several U.S. lawmakers.
Oil prices, which make up the lion's share in the cost of gasoline production, slid sharply as U.S.-led forces began hitting targets in Iraq, with dealers anticipating a short war.
The price of U.S. light crude oil futures dropped $1.27 to $28.61 a barrel, topping off a roughly 25 percent slide since last week, a sign that retail gasoline prices could subside in the coming weeks.