U.S. President Barack Obama's approval rating dropped sharply in recent months as Americans are getting more dissatisfied with the country's economy amid skyrocketing fuel prices, a new poll showed Tuesday.

Forty-seven percent approve of the job Obama is doing, down seven points since January, according to a new Washington Post-ABC News poll. His disapproval rating has risen to 50 percent, nearly matching the worst level of his presidency.

The decline of the president's approval rating was largely due to Americans' anxiety over the economy which is still in fragile recovery and faces new downside risks posed by soaring commodity prices, particularly gasoline prices.

Fifty-seven percent disapprove of the job the president is handling the economy, tying his highest negative rating when it comes to the issue, the poll showed.

However, Obama still holds advantages over Republican presidential hopefuls. The poll showed that Obama leads seven potential 2012 presidential candidates including former Massachusetts governor Mitt Romney, former Arkansas governor Mike Huckabee, among others, with margins ranging from 4 to 17 percentage points.