"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."
"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."
Following U.S. air strikes in Iran on February 28, Middle East conflict triggered significant fuel price increases across the United States. New York City drivers experienced a 31-cent weekly increase in gasoline prices, reaching $3.30 per gallon by March 6. Diesel fuel prices rose even more sharply, jumping 39 cents to $4.59 per gallon. These elevated fuel costs will cascade through the economy, affecting trucking operations, businesses, and consumers through higher prices on goods and services. Historical precedent exists from the 2022 Ukraine invasion, when the Biden administration released strategic petroleum reserves and New York implemented a seven-month gas tax holiday. The duration of current price increases depends on conflict duration, creating uncertainty for New York's economy.
Read at www.amny.com
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