Gas Prices Could Rise Above $4 in New York; Here’s the New Reason Why
Just when we thought things were going in the right direction, they could soon take a turn for the worst.
Gas prices are no laughing matter in New York State. Regardless of what you drive every day, we all feel the pain at the pump when it's time to make a stop. According to the latest reports, we may have even more to complain about before we know it.
As of today, the average price of gas in New York State sits at $3.48/gallon. That's now up 6 cents from last month and down 81 cents from last year. No surprise the trend is going up for the spring season, but it's great to see the major drop from 2022.
The national average sits around the same mark at $3.51/gallon, though its up 7 cents form only a week ago. That mark is down 68 cents from last year.
Seeing the big drop is nice, but new information tells us we could soon be back to paying over $4/gallon by this summer.
Major Price Prediction
The first two factors, which are similar to what we saw last year, have to do with the robust demand for gasoline and rising oil prices this time of the year. AAA Spokesperson Andrew Gross says these factors are what will cause our current increase during the spring.
Oil prices finally crested and have now settled above the $70 per barrel mark after weeks of hovering just below it.
The new information comes from the Organization of the Petroleum Exporting Countries (OPEC), who say they are cutting their oil production by more than 1 million barrels a day. This could push prices up significantly in the coming months.
AAA is expecting gas prices to rise between 10 and 15 cents ahead of the Summer driving season. Experts at Fox Business News say the average price could reach $4/gallon by the summer. Though it's up from what we are seeing now, our current price is still much lower from what we saw in 2022.