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Gasoline Prices Hit 7-Year High Even as Demand Falls for 4th Straight Week For the week of Sept. 6, the national average for a gallon of regular gasoline rose to a seven-year high of $3.176 from $3.139 the week prior.

By The Epoch Times Edited by Charles Muselli

Opinions expressed by Entrepreneur contributors are their own.

U.S. gasoline prices have risen to their highest level in seven years even as demand fell for a fourth straight week, with supply disruptions from Hurricane Ida putting upward pressure on prices and keeping seasonal factors from delivering relief at the pump to drivers frustrated by historically high fuel costs.

Retail gasoline prices in the United States averaged $3.16 per gallon in August, the highest monthly average since October 2014, according to the U.S. Energy Information Administration (EIA).

For the week of Sept. 6, the national average for a gallon of regular gasoline rose to a seven-year high of $3.176 from $3.139 the week prior, according to the EIA, which projected that hurricane-related supply disruptions in the Gulf of Mexico would continue to pressure prices in the near term.

Historically, retail gasoline prices have tended to peak in late summer when people drive more often, with demand softening in the fall.

GasBuddy head petroleum analyst Patrick De Haan said in a tweet Sunday that the week of Sept. 5 marked the fourth straight week of falling gasoline demand in the United States, which hit the lowest level since the week of June 20.

"Weekly gasoline demand was down 1.6 percent from the prior week and was 3.5 percent below the four week average," De Haan wrote.

Still, the EIA expects that falling demand will eventually catch up with prices. According to the agency's most recent short-term energy outlook, retail gasoline prices are expected to average $3.14 per gallon in September before falling to an average of $2.91 per gallon in the fourth quarter of this year, an encouraging sign for drivers hoping for relief at the pump.

"The expected drop in retail gasoline prices reflects our forecast that gasoline margins will decline from currently elevated levels, both as a result of rising refinery runs as operations return in the first half of September following Hurricane Ida and because of typical seasonality," the agency wrote in the outlook.

Meanwhile, crude oil price rose nearly 1 percent on Monday, supported by concerns over shut output in the United States due to damage from the hurricane.

"Oil prices may not have much room to rise in the near term, but at the same time are not expected to crash soon," Stephen Brennock of broker PVM told Reuters.

Brent crude rose 67 cents, or 0.93 percent, to $73.63 a barrel by 8:30 a.m. New York time on Sept. 13, while U.S. West Texas Intermediate (WTI) crude was up 64 cents, or 0.92 percent, at $70.36.

The EIA expects WTI crude oil prices to average $62.37 per barrel in 2022, down from $65.69 in 2021, while Brent crude prices are forecast to fall to an average of $66.04 per barrel next year from $68.61 this year.

Reuters contributed to this report.

By Tom Ozimek

Tom Ozimek 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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