Gas prices hit new record in summer travel rebound

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U.S. gas prices reached a record high Thursday. 

The national average is sitting at $3.19 per gallon, which is the highest its been since Oct. 12, 2014, according to GasBuddy head petroleum analyst Patrick De Haan. 

"We're close to a peak" De Haan told FOX Business in a statement. He projected that this peak will likely come in the next week or two. 

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Earlier this week, GasBuddy already reported that the nation's average gas price rose 1.7 cents per gallon to $3.16 per gallon. 

At that point, prices were already 3.8 cents higher compared to a month ago and nearly 92 cents higher than a year ago.

The uptick in price came as gasoline demand rose to its highest level in 2021. However, that demand won't persist for long as the vacation season winds down. 

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"We should then see prices start to taper off as demand cools off as we head back into routines from summer vacations," de Haan said. 

Demand is also likely to cool off due to the increasing number of companies postponing their return to office dates, he said. 

"It's clear with Delta surging that gasoline demand will fall off heading into fall," De Haan tweeted. 

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