Gas Prices Are Increasing at an Alarming Rate in New York
Have you noticed gas prices have increased in the Hudson Valley at an alarming rate? Sadly, it’s likely going to get worse.
On my drive to and from work each day I observe the price of gas. On Monday afternoon I filled up my tank at a gas station in Newburgh for $2.31 a gallon. I've found that this particular station offers the cheapest gas during my commute that takes me through Orange, Ulster and Dutchess Counties.
By Wednesday afternoon, the same gas station was selling a gallon of gas for $2.49!
Update: As of Thursday afternoon, the same gas station is now selling gas for $2.55 a gallon!
According to Gas Buddy, the price of gas across the nation has increased 11.7 cents in the past week and 15.1 cents over the last month.
The national average for regular unleaded gas is $2.47. It's $2.52 in New York state.
The likely reason for the increase at the pump? Tropical Storm Harvey. Harvey has interrupted close to 25% of the nation’s refining capability.
"In terms of product price increases, it might get worse before it gets better," Rob Smith, an energy analyst with IHS Markit, told CBS News.
Gas Buddy analyst Patrick DeHaan predicts that the closures will lead, or have led, to an increase of 15 cents to 25 cents per gallon of gas.
"Retailers can either go out of business or pass their costs along," Tom Kloza, director of global energy analysis at the Oil Price Information Service, said to CNN.
Kloza predicts gas prices should decrease quickly once refineries start operating.
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