Hochul warns Middle East conflict could drive up gas and utility costs across New York

CAPITAL REGION, NY (WRGB) — The strikes on Iran could soon impact our economy here on U.S. soil.

Monday afternoon, Governor Kathy Hochul weighed in on the matter and how it could affect New Yorkers.

At a roundtable discussion on federal tariffs, the governor mentioned businesses are already struggling, and the ongoing conflict in the Middle East only adds more uncertainty.

“So these decisions have real consequences. They’re going to have an impact on energy costs. And the Strait of Hormuz is where the vast majority of the world’s oil comes through,” said Hochul.

According to GasBuddy, the nation’s average price of gasoline rose 5.6 cents over the last week and stands at $2.94.

With rising tension in the Middle East, any threat to the production or shipping of oil could be the driving factor in a rise in prices.

Governor Hochul said, “That’s going to hurt utilities; that’s going to hurt gasoline at the pump. Think about our farmers, our manufacturers, our small businesses — they’re all going to be dealing with this. So at a time when we’re fighting the high cost of living and focusing on affordability, there are so many factors outside our control.”

According to AAA, the average price of gas in the Capital Region is $3.

The national average sits just below at $2.99.

According to AAA, the highest average was five dollars a gallon back in June 2022.

Amid the rising tension, the governor has directed state intelligence and cybersecurity experts to coordinate with local law enforcement to monitor any threats to New York.

“I also want to speak directly to Iranian New Yorkers, that you are safe here. We will continue to ensure that. You belong here, and you feel that the state of New York is doing everything we can to protect you, and the same with Jewish communities, who also feel that there could be retribution against them, and I want to let them know that we’re taking this all very, very seriously,” added Hochul.

The state is increasing security measures at places of worship and places of gathering that could be under threat.