U.S. President Barack Obama's job approval rating has plunged below 50%, weighed down by soaring gas prices, giving his political opponents what appears to be an opening in the November election, a new opinion poll showed.

The survey by ABC News and The Washington Post indicated that only 46% of U.S. citizens now approved of the way Obama is handling his job and 50% disapproved.

The situation was a reversal from early February when 50% approved of the president's performance and 46% disapproved.

According to the survey, the drop was attributed to soaring gas prices threatening to crimp the U.S. 's slow recovery from a recession.

The poll found that 65% of U.S. citizens disapproved of his handling of the gas price situation.

The American Automobile Association, or AAA, predicts gasoline prices across the U.S. could average $4.25 a gallon by May, up from over $3.60 today.

Between 1998 and 2004, prices ranged from $1 to $2.

Given that 76% of U.S. citizens drive themselves to work, and a trip to the store can often mean a long drive to the mall, higher gas prices are a critical issue--especially in a presidential election year.

The poll also found that 59% of Americans had given Obama negative ratings on the economy.

The president's sliding approval rating appeared to give new hope to Republican presidential contenders. The survey showed that if the election were held today Republican frontrunner Mitt Romney would beat Obama 49% to 47%.

The president was barely ahead of former Pennsylvania senator Rick Santorum, who is running second in the Republican pack--49% to 46%.

Previously, Obama held significant leads over both.

The telephone poll was conducted March 7-10 and had a margin of sampling error of plus or minus four percentage points.

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