Posted on 08/06/2021 1:28:26 PM PDT by Diana in Wisconsin
Gas prices have surged to a new seven-year high and while some experts predict they’ll come down soon, others expect more pain at the pump if crude oil prices rise.
For the week of Aug. 2, the national average for a gallon of regular gasoline rose by a little over two cents compared to the prior week to $3.159, a seven-year high, according to the U.S. Energy Information Administration.
The American Automobile Association said it expects gas prices to remain elevated at least through the beginning of August.
“On average, motorists are paying 15 cents more to fill up since the beginning of May,” said Jeanette McGee, AAA spokesperson, in a statement. “August could prove to be even more expensive if crude oil prices increase, driven by market concerns of rising COVID case numbers and how that could negatively affect global demand in the near future.”
Oil prices rose more than 1 percent on Thursday on increasing Middle East tensions, though gains were capped as fresh restrictions to counter a surge in COVID-19 cases threatened the global energy demand recovery.
GasBuddy head petroleum analyst Patrick De Haan told Fox Business in an interview that he believes gas prices are “close to a peak,” adding that he expects to see the top come in within a week or two as the vacation season trails off.
“We should then see prices start to taper off as demand cools off as we head back into routines from summer vacations,” De Haan told the outlet.
In a tweet, De Haan said he expects a further cooling in gasoline demand as some companies postpone plans to resume in-office work due to a resurge in cases of COVID-19, the disease caused by the CCP (Chinese Communist Party) virus.
“Given today’s disclosure that Amazon is joining others in delaying a return to office, I see additional downside to #gasprices. It’s clear with Delta surging that gasoline demand will fall off heading into fall,” de Haan said in the tweet.
The Centers for Disease Control and Prevention (CDC) considers the Delta variant of the CCP virus to be more transmissible and potentially more resistant to vaccines.
Remember back when 0bama took office and gas was around $1.80/gal and look what happened since? Then during Trump, we became energy independent but when Biden took over he ended all that.
Hunter BiXiden’s fault [and Marx’s].
Pork and bacon are headed much higher as well. I don’t eat it but . . well . . there it is.
Making America Last Again
The World is floating in Oil they can’t keep it up forever
$3.35 +/- around here
Its been ordered by Pelosi.
CA. folks pay a percentage tax.
Gas is roughly .70 cent more a gallon now than just before Trump left office...and that’s dropped a little in the last couple of weeks.
Just paid $4.25/gal here in WA.
$2.72 here in SC (reg)
How much plastic is there in any battery operated car??
These morons can’t grasp that fact much less where the other end of that charge cord that plugs into their EV goes to.
SMH
Prices will ease a bit in a week or so. Crude and gas futurestook a big hit this week.
Which Zip Code? Here in 29803 we average $2.85.
I think you are right. I drove from Annapolis, MD to Chincoteague, VA this week, starting July 29, 2021 and returning Aug. 5, 2021. On the trip down Royal Farms cheapest gas was mostly 3.09.9/gal. When I returned it most mostly 2.99.9, a 10 cent reduction. Also the cheapest gas first was 3.07.9, less 5 cents for cash, and on the 5th that station was 2.97.9 less 5 cents for cash. These reductions were consistent in all the other stations I had noticed going both ways—Exxon, Shell, etc. All 10 cents less.
Paid $3.06 a gallon for diesel today.
Awesome- i was really hoping to have a heck of as lot less money under a crappy faux leadership
Just wait until they start taxing you by the mile driven.
High prices will restrict the Covid spreaders from spreading.
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