Gas Prices Surge to Fresh 7-Year High

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. – READ MORE