New York City gas prices hit $4.37 a gallon amid Middle East conflicts
NYC gas prices average $4.37 per gallon now.
The short version
- Prices jumped from $3.10 a year ago.
- Global conflict strained oil tankers in the Middle East.
- Relief is expected as winter weather approaches.
- Higher diesel costs could eventually impact MTA transit budgets.
Check your dashboard the next time you pull up to the pump in New York City. The average price for a gallon of gas across the city's stations just hit $4.37, according to a survey of more than 1,000 stations by the price monitoring platform GasBuddy.
A year ago, drivers were paying $3.10 a gallon. Global gas prices climbed after strikes on Iran starting in February created strain on oil tankers traveling through the Strait of Hormuz, a narrow passage that carries more than 20% of the world's oil trade.
New York already pays more for fuel than states like Texas and Louisiana that sit closer to oil production and refineries. Patrick De Haan, who leads petroleum analysis at GasBuddy, said lower prices could arrive in the coming weeks as colder weather sets in.
"Generally, we do see gas prices fall most years in the autumn," De Haan said, pointing to Americans staying closer to home and the annual September switch to cheaper winter gasoline blends. While the MTA, New York's massive transit agency, locks in long-term fuel contracts for its buses and diesel work trains, sustained high diesel prices could eventually hit transit budgets and force tough choices on fares or revenue.
For anyone filling a tank in the five boroughs, that means paying more at the register for now.
Photo: Connor Forsyth, via Pexels
