NEW YORK (PIX11) — The last time we looked, gas prices surged all across the country.
The biggest rise in fuel was more than 42 percent in Kentucky. While not that high in our area, Robert Sinclair of AAA claims prices at the pump have leveled just a little.
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“If going down by three cents in the last week is leveling off, we’re at $4.13 in New York City right now,” according to Sinclair. “It was $4.16 a week ago, but don’t think that’s a break at the moment. For a significant portion of the population, these gas prices are unsustainable.”
Fears that prices at the pump wouldn’t come down until 2027 seemed to be alleviated when Energy Secretary Christopher Wright, appearing before a Senate committee Tuesday, backed off an earlier statement that average prices may not drop below three dollars until next year.
“I don’t know the future of energy prices,” said Wright. “Often I will speculate or look at those things, I would say gasoline prices, look like they peaked about a week or so ago.”
Democrats have been skeptical of claims by President Trump that gas prices will come down as soon as the Iran war ends, but according to energy experts, there are other factors to consider before gas prices can return to reasonable levels.
“There’s been so much destruction to oil and gas facilities in the Middle East as a result of the war,” said Sinclair. “It will take many months, if not years, and millions of dollars to bring them back online. It’s going to be a while before we see prices coming down.”
AAA is monitoring the situation to determine what impact the high gas prices will have on holiday travel this Memorial Day and during the summer.
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Sinclair did say that there are ways to get more affordable prices at the gas pump.
“If you shop no-name brands, their gas prices tend to be cheaper than brands you’re more familiar with,” said Sinclair.
He says the lowest gas prices in the region right now could be found in New Jersey, where the average price per gallon for regular gas is $3.93.
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