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“Ooh, it’s sky-high. It’s already sky-high,” said one driver.
But what might be news to some is the ongoing conflict between Russia and Ukraine and the political uncertainty surrounding it, is affecting gas prices around the world.
An increase in demand is also driving prices but people itching to get out after being stuck during the pandemic will also cause prices to rise in the Spring.
“All this pent-up demand that exists with people having been couped up for the past two years, I think that travel is really going to surge,” said Robert Sinclair from AAA. “And so many analysts are saying that’s the case and AAA is a major travel agency and we’re seeing bookings just through the roof.”
According to AAA New York’s average gas price is 25 cents higher than a month ago at $3.74 a gallon.
That’s 21 cents higher than the national average.
In New Jersey, it’s 23 cents higher than a month ago at $3.61, and in Connecticut, it’s 17 cents higher than a month ago at $3.66.
Experts say it could a lot worse over the next few months because any disruptions to supply will continue to drive prices even higher.
“Russia is a major producer of crude oil,” Sinclair said. “Upwards of 10 and half million barrels a day. Ukraine is a major producer of crude oil. More than a million barrels per day. So with both those countries putting out a lot of oil, if the sanctions include not using Russian crude oil, we’re going to have to get that crude oil from somewhere else.”
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Source: This post first appeared on abc7NY