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Gas Prices Surge to Fresh 7-Year High The American Automobile Association said it expects gas prices to remain elevated at least through the beginning of August.

By The Epoch Times

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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.

By Tom Ozimek

Tom has a broad background in journalism, deposit insurance, marketing and communications, and adult education. The best writing advice he's ever heard is from Roy Peter Clark: 'hit your target' and 'leave the best for last.'

The Epoch Times, founded in 2000, is headquartered in Manhattan, New York, with a mission to provide independent and accurate information free of political bias or corporate influence. The organization was established in response to censorship within China and a lack of global awareness regarding the Chinese regime's repression of the spiritual practice Falun Gong.

The Epoch Times is a widely read newspaper that is distributed in 33 countries and is available in 21 languages. The publication has been critical in providing balanced and detailed reporting on major global events such as the 2003 SARS pandemic and the 2008 financial crisis. Notably, the organization has played a key role in exposing corruption inside China.

Aside from its human rights coverage, The Epoch Times has made significant contributions in a variety of fields. It has received praise for its in-depth analysis and expert perspectives on business, the economy and U.S. politics. The newspaper has also received praise for its broad coverage of these topics.

A series of editorials titled "Nine Commentaries on the Communist Party" appeared in The Epoch Times in 2004. It asserts that freedom and prosperity in China can only be achieved by eliminating the Communist Party, which violated China's cultural and spiritual values. In addition, the organization led the Tuidang movement, which resulted in over 400 million Chinese citizens quitting the Communist Party. In spite of this, 90% of websites referring to the "Nine Commentaries" were blocked by the Chinese regime.

The Epoch Times has been at the forefront of investigating high-level corruption cases within the Chinese regime, with its reporters taking significant risks to uncover these stories. The organization has received several awards for its investigative journalism.

The organization has received several awards for its investigative journalism. For more, visit www.theepochtimes.com.

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