New Yorkers Face Hurdles As Gas Prices Climb

Thinking about hopping in the car for a road trip? Hope you’ve saved up your pennies because it’s not going to be cheap at the pump.

While gas prices are nowhere near where they were in June of 2022 when some places saw prices over $5.00 a gallon, they’re still quite high – especially in New York.

Gas Prices Nationwide

According to AAA, the average regular gas price in the United States is $3.642 per gallon as of May 9. This represents a 3-cent increase from last month's average of $3.603 per gallon. At the same time, there has been an overall increase of 55 cents since the start of 2024.

Factors Influencing Gas Prices

Several factors, including driver demand, seasonal changes in gasoline blend, and fluctuations in crude oil prices influence gas prices. Historically, gas prices tend to rise during the warmer months due to higher demand and the switch to summer-blend gasoline, which is more expensive to produce. Additionally, global events, such as conflicts in Ukraine and the Middle East, can impact crude oil prices, which in turn affect gas prices.

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Nationwide Gas Trend

Gas prices have been way more stable and less volatile compared to previous years, with steady increases and minor changes over the past few weeks. However, experts predict that as summer arrives, prices are likely to increase further. Currently, there is a lull in demand, which has contributed to the slower climb. This trend may continue until Memorial Day, after which gas prices are expected to continue rising until they peak in July.

New York State's Gas Price Situation

Despite the overall slow climb in gas prices, New York State is an exception, experiencing an upward trend. As of May 9, the average gas price in New York State is higher than the national average, and it continues to rise. Several factors contribute to this increase, including regional taxes, environmental regulations, and the state's reliance on refining its own gasoline.

One significant factor affecting prices in New York State is the state tax rate. According to data from the U.S. Energy Information Administration, New York has one of the highest state tax rates on fuel in the country. These taxes contribute to the higher gas prices seen in the state compared to the national average.

New York State also has its own unique set of environmental regulations regarding gasoline quality.  This also leads to higher prices at the pump.