NEW YORK (WCBS 880) — The average price of a gallon of unleaded regular gasoline hit $4 in New York City on Friday, according to AAA.
AAA Northeast's Robert Sinclair Jr. noted that this is the first time since July 19, 2014 that the price was at or above $4 a gallon in the five boroughs.
The highest price ever in New York City was $4.41 on July 16, 2008.
"We've seen a 19-cent per gallon surge in the last two days," Sinclair said. "The statewide average for New York is $4.05 and as of today there are seven states that are at $4 a gallon or above."
Gas at some stations in southern California is $7 a gallon.
Skyrocketing costs are part of larger ongoing supply chain issues, and gas prices may go even higher as the conflict in Ukraine is expected to drive energy costs up locally.
The price of crude oil on Friday rose above $111 per barrel due to Russia's invasion of Ukraine.
"If everything continues as it is now it's only going to get worse," Sinclair said. "We're seeing all of this despite the fact that there have been no interruptions in the supply of crude oil from Russia. What's going to happen if something actually interferes with the supply of crude? So it looks like things are only poised to get worse."
Midway this month, there will also be a switchover to more expensive blends of summer gasoline.
Sinclair said the use of summer blends, called reformulated gasoline, has been suspended in the past and "that is something that the government could do to try and keep a lid on prices."
As drivers shop around for the best deals, Sinclair notes there are apps from AAA and GasBuddy that let users look up prices near their location, but finding cheap gas will be challenging.
"Prices are changing so quickly it might be moot," Sinclair said. "I saw a station yesterday that was in Westchester that raised its price 30 cents in one day."
For comparison, New York City drivers were paying $2.87 per gallon one year ago.
Related
Related
Related
