New York City drivers found themselves paying, on average, 31 cents more for a gallon of gas week-over-week, according to the American Automobile Association. The gallon price as of March 6 was $3.30, up from $2.99 on Feb. 27.
Photo by Lloyd Mitchell
The outbreak of war in the Middle East since the U.S. air strikes that began in Iran on Feb. 28 sent oil and gasoline prices surging across the country, with no end in sight.
New York City drivers found themselves paying, on average, 31 cents more for a gallon of gas week-over-week, according to the American Automobile Association. The gallon price as of March 6 was $3.30, up from $2.99 on Feb. 27.
The price spike was even worse for truckers who use diesel fuel; the gallon price jumped 39 cents, from $4.20 to $4.59 in just one week. That’s bad news not just for the trucking industry, but for businesses and consumers alike; those higher fuel costs will ultimately be passed down to both, resulting in a secondhand tax on just about everything you buy.
We’ve been down this road before. Four years ago, the Russian invasion of Ukraine sent fuel prices across the globe upward due to attacks on energy supplies and sanctions imposed.
Here at home, the Biden administration tapped into the strategic petroleum reserve, releasing millions of barrels of oil into production to increase supply and lower costs; and New York state imposed a seven-month gas tax “holiday” at the pumps, saving drivers money every time they filled up.
How long the gas price spike will last will ultimately depend on how long the war in Iran goes on. It could end tomorrow; it could end in three weeks; it could end in three years. The future is uncertain.
One thing, however, is certain: drivers and businesses in New York cannot afford higher fuel prices at a time when everybody’s dollars are buying less of everything.
If this war is to continue, relief at the pump must be found to ease the financial blow for New Yorkers.
While it is unclear if that relief will come from Washington, Albany does not need to wait to act. Gov. Kathy Hochul and the state Legislature should begin efforts to impose a similar gas tax holiday and cover the costs in the new budget they are currently negotiating.
Drivers in New York pay a gas tax of 24.8 cents per gallon whenever they fill up. It doesn’t sound like a lot, but with apologies to Ben Franklin, a quarter saved is a quarter earned. Those saved quarters will add up over time, taking some financial pressure off for the average driver.
We believe the gas tax holiday is essential to keep the state’s economy strong. Waiving the tax for trucking companies will reduce the impact on small businesses and consumers who would pay the passed-down costs of higher diesel prices. This will help keep local inflation in check, to a degree, allowing businesses to thrive and consumers to get the most for their money.
Global events will always affect us to some extent, and there’s only so much we can do to control their impact. But at a time when New Yorkers are struggling to make ends meet, they cannot afford to pay more to drive; they cannot afford to pay more for the essential goods they need.
The state has the power to address higher gas prices, and we encourage the governor and legislative leaders to help provide some relief at the pump.