Home Business U.S. oil prices rise to a seven-year high | Gasoline | Refueling | COVID

U.S. oil prices rise to a seven-year high | Gasoline | Refueling | COVID

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[Epoch Times August 07, 2021](Reported by English Epoch Times reporter Tom Ozimek/Compiled by Li Yan) US gasoline prices have soared to a seven-year high. Some experts predict that it will fall back soon, while others predict that if crude oil prices rise, gas stations will face greater pressure.

According to data from the US Energy Information Administration, during the week of August 2, the average price of regular gasoline in the United States per gallon rose by a little more than two cents from the previous week, reaching $3.159, a seven-year high.

The American Automobile Association said it expects gasoline prices to remain high until at least early August.

The association spokesperson Jeanette McGee said in a statement: “On average, since the beginning of May, motorists have to pay 15 cents more for refueling. If crude oil prices rise, August’s The price may be more expensive.” “Because the market is concerned about the increase in COVID (the disease caused by the Chinese Communist virus) and this may have a negative impact on global demand in the near future.”

Recently, tensions in the Middle East have increased. On Thursday (August 5), oil prices rose more than 1%. However, due to the surge in COVID-19 cases, the new round of restrictions poses a threat to the recovery of global energy demand, and the rate of increase will be limited.

In an interview with Fox Business, Patrick De Haan, GasBuddy’s chief oil analyst, said that he believes oil prices are “close to the peak” and added that as the summer vacation ends, he expects to see it in a week or two. The peak appears.

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De Han told the media: “We will see prices begin to gradually decline, because we return to our regular life from the summer vacation, and the demand will also cool down.”

De Han said in a tweet that he expects gasoline demand to cool further because some companies postpone their plans to return to the office due to the new wave of COVID-19.

“Given today’s disclosure that Amazon is postponing its return to the office with other companies, I see more downside for oil prices.” De Haan said in a tweet, “It is clear that as the Delta variants (cases) soar, it enters the fall. , Gasoline demand will decline.”

The US Centers for Disease Control and Prevention (CDC) believes that the Delta variant of the Chinese Communist virus (Wuhan pneumonia) is more transmissible and may be more resistant to vaccines.

Editor in charge: Lin Yan#


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