US Gasoline Prices Vault to New 7-Year High As of Oct. 27, the national average for a gallon of regular gasoline rose to $3.394 from the prior day's $3.389 and up from the month ago average of $3.189, according to AAA.

By The Epoch Times

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U.S. gasoline prices have notched yet another rise, with the national average hitting a fresh seven-year high.

As of Oct. 27, the national average for a gallon of regular gasoline rose to $3.394 from the prior day's $3.389 and up from the month ago average of $3.189, according to AAA.

"With the U.S. economy slowly recovering from the depths of the pandemic, demand for gas is robust, but the supply is tight," Andrew Gross, AAA spokesperson, said in a statement. "We haven't seen prices this high since September of 2014."

The nation's top 5 most expensive markets were, as of Oct. 27: California ($4.56), Hawaii ($4.29), Nevada ($3.93), Washington ($3.87), and Oregon ($3.78).

San Francisco gasoline prices, which according to AAA on Tuesday averaged $4.73 for a gallon of regular unleaded, appear poised to hit an all-time record high.

GasBuddy head petroleum analyst Patrick De Haan said in a tweet late Monday that gasoline prices in San Francisco were just 1.2 cents shy of a new all-time high.

"It will be the first city to set a new record high for #gasprices since 2012," De Haan predicted.

The Biden administration has faced sharp criticism over rising gasoline prices, but it has "no immediate plans" to tap into emergency reserves or limit energy exports outside the United States, the Energy Department told CNBC this week.

The Biden administration's chief plan to ease surging high gasoline prices was to persuade OPEC+ to agree to boost production more sharply to reduce the supply crunch, but, so far, that plan has failed.

"There are limitations to what any president can do, as it relates to gas prices," White House press secretary Jen Psaki told reporters on Oct. 22, adding that the administration was continuing to engage with OPEC+ on boosting supplies.

Earlier in October, OPEC+ announced it would hold fast to the terms of an earlier agreement to boost oil production gradually—by 400,000 barrels per day (bpd) for the month of November—ignoring calls from the Biden administration to pump more crude.

Meanwhile, oil prices fell by around 1 percent on Oct. 27 after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States.

The U.S. Energy Information Administration (EIA) said in its most recent short-term energy outlook that it expects retail gasoline prices to fall to an average of $3.05 per gallon in December, an encouraging sign for drivers hoping for relief at the pump.

At the same time, the EIA expects WTI crude oil prices to average $68.24 per barrel in 2022, down only slightly from $68.48 in 2021 and far higher than the $39.17 in 2020 and $56.99 in 2019.

Brent crude prices are forecast to rise to an average of $71.91 per barrel in 2022 from $71.38 this year, up from $41.69 in 2020 and $64.34 in 2019.

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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