Gas hits highest price in seven years

American drivers are paying the highest price for gas since 2014.

According to AAA, the national average for a gallon of gas is now $3.22, the highest since at least October 2014.

Nationwide, drivers are paying $1 per gallon more than at this time last year. 

Gas prices in New York are averaging $3.29 a gallon, while in New Jersey drivers are paying $3.23.

The highest prices in the nation can be found in California, where the average price is $4.42 and in some areas has even topped $5 a gallon.

The price of crude oil is now $82 a barrel, the highest in seven years. Demand for energy is picking up across the globe, despite the ongoing coronavirus' continued toll on travel and other key gasoline-guzzling sectors.

Demand for oil is forecast to hit 99 million barrels per day by the end of the year, and a little over 100 million per day next year.

In a meeting on Monday, the coalition of oil-producing nations known as OPEC+ said they are maintaining a gradual approach to restoring production levels that had been slashed during the pandemic, agreeing to add only 400,000 barrels per day in November.

While higher oil prices bode well for some producers, White House National Security Adviser Jake Sullivan raised concerns about rising prices when he met with top Saudi officials, including the crown prince, in a visit to Riyadh last week that focused on a range of issues. The White House has said it wants to ensure gas prices are kept down for the American public.

With the Associated Press.

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