CAM CORTIGIANO: Prices of gasoline have been steadily increasing for months, but with the recent events in Ukraine they have skyrocketed to levels we have not seen in years. However, that isn’t stopping people from getting fuel. Speedway customer Jason Davis says that is not really an option, for him or the rest of the world.
JASON DAVIS: It’s crazy, I mean gas prices are what, $4.38 a gallon now? But there’s not really much we can do about it. I mean, the world needs gas.
CORTIGIANO: The cost of gasoline has been on the rise across the state, country, and world, as Russia is one of the biggest oil producers and exporters on the globe. Still, Davis does not see a maximum price that it would need to hit in order to begin falling back down.
DAVIS: That really depends on when we get a bigger supply of oil. But, so I don’t really think that there’s gonna be a price threshold, I think it’s just gonna be: it is what it is until we get enough oil to lower it again.
CORTIGIANO: According to AAA, New York state has one of the highest average gas prices in the entire country, at nearly four dollars and 50 cents per gallon. With no signs of slowing down, it could easily climb towards five dollars within the coming weeks.
CORTIGIANO: AAA is reporting that the national average for a gallon of regular gas is up to $4.32, which is an increase of nearly seven cents when compared to prices from yesterday. When looking just in New York, that number is even higher, with an average of $4.47 per gallon.
CORTIGIANO: The recent spike in prices does not have Davis convinced that he needs an electric car that might save him some money in the short term, as prices always fluctuate. Unfortunately for drivers, they are higher than usual right now.
DAVIS: It comes in cycles, so obviously gas is not gonna stay this way. Obviously at times people are gonna say that, people are gonna say that they’d rather have an electric car when gas prices are looking the way they are right now, but ultimately no, I’m ok with my car.
CORTIGIANO: The continued rise is not expected to end anytime soon, especially with more and more sanctions being thrown at the Russian government and economy. Reporting in Syracuse for N-C-C News, I’m Cam Cortigiano.
SYRACUSE, N.Y. (NCC News)- The price of gas has been on the rise for months, but it has been surging in the recent weeks. The state of New York holds one of the highest average prices in the entire country, averaging $4.47 per gallon, according to AAA.
Even with prices as high as they are, it is not stopping people from filling up their tanks. Jason Davis, a Speedway customer in Syracuse, said that people are not in a position to just stop getting gas.
“It’s crazy, I mean, the gas prices are what, $4.38 a gallon now? But there’s really not much we can do about it. I mean, the world needs gas,” Davis said.
The United States usually imports a percentage of its oil from Russia, but the U.S. and other countries have placed economic sanctions on the Russian government, reducing the oil supply, thus increasing prices and demand.
Davis felt that there is not a certain price that gas would need to reach in order for it to start falling back down to more normal levels.
“That really depends on when we get a bigger supply of oil,” Davis said. “But, so I don’t really think that there’s gonna be a price threshold, I think it’s gonna just be: it is what it is until we get enough oil to lower it again.”
According to AAA, the national average for gas one year ago was below $2.90. Now it is over $4.32 per gallon for regular grade fuel.
While more people may turn to electric or hybrid vehicles in order to cut down on their cost of transportation, Davis said that he will not be, as prices are always fluctuating up and down. It is not ideal right now, but he believes prices will eventually return to previous lows.
“It comes in cycles, so obviously gas is not gonna stay this way,” Davis said. “Obviously at times people are gonna say that, people are gonna say that they’d rather have an electric car when gas prices are looking the way they are right now, but ultimately no, I’m ok with my car.”
This steady rise is not expected to end in the near future, and prices could easily trend upward to $5 per gallon or higher by the start of summer.
