JOHNSON CITY, N.Y. (WBNG) — Retail gasoline prices reached historic highs during August, with daily national averages consistently exceeding $4 per gallon.
Valerie Puma, communications specialist with AAA Western Central New York, said New York fuel costs reached their second-highest August levels on record since 2022.
Geopolitical tensions in the Middle East have significantly driven up global crude oil prices and impacted overall supplies.
“We have been experiencing higher crude oil prices because of an ongoing conflict overseas in the Middle East and with the ongoing issues with the Strait of Hormuz being closed, which does affect about 20% of the global oil trade. That alone has had a really big impact on crude oil prices,” Puma said.
Additionally, Puma said prices traditionally fluctuate between seasons due to changes in driver habits.
Summer travel naturally drives up demand, while fuel formulation changes also contribute to higher costs during the warmer months.
“It is always going to be a game of supply and demand. During the summer months, it’s always going to be a little pricier than what we are going to see in the winter months,” Puma said.
Industry experts suggest that price relief may arrive shortly after the holiday weekend as overall travel and fuel demand begin to decline.
A transition to cheaper winter fuel blends as temperatures cool should also help lower costs, though the exact timing remains difficult to predict, according to Puma.
“We could be seeing those prices go back down as supply and demand goes down. As we get through Labor Day weekend, when fewer people are gassing up, demand is getting lower, and hopefully as temperatures drop as well, we will eventually be getting into that winter blend of fuel. It’s hard to say when that could be, but hopefully we will be seeing that soon,” Puma said.
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