U.S. gas prices keep rising; could hit $6 per gallon in NY

Gas prices keep rising

The average price of a gallon of gasoline in the United States continues to rise.

FARMINGDALE, N.Y. - Rising gas prices are taking a toll on U.S. drivers. And it doesn't look like relief is coming anytime soon.

"It's a combination of gouging, people are taking advantage," Dr. Martin Cantor, an economist, said. "But the other thing, it's a commodity."

What are the driving factors? Cantor says that post-pandemic inflation and the effects of Russia's attack on Ukraine are both partially to blame.

"We used to produce 13 million barrels a day," he said. "We're producing 11 [million]. We use 20 million barrels a day in the U.S."

In parts of the Northeast, AAA is reporting prices have gone over $4 per gallon at the pump.

And some areas of California are seeing prices as high as $7 a gallon.

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GasBuddy, an app that tracks fuel prices in real-time, said the national average price of gasoline has surpassed $4 a gallon in the United States for the first time since 2008. Prices at the pump spiked 41 cents in the last seven days alone.

New York Gov. Kathy Hochul is having conversations with her budget office about the state's gas tax but said she isn't sure if suspending it would have a positive effect on consumers.

"We have no guarantee that if you suspend the 10-cents-per-gallon tax on gas that it'll result in lower taxes because it'll keep going up," Hochul said.

Andy Harris, the chairman of the board for the Long Island Gas Retailers Association, said until President Biden changes his policies, prices will continue to rise.

"He has shut down some of the oil leases and permits that the oil company uses to gain access to produce gasoline," Harris said.

But the White House pushed back against these claims Monday afternoon.

"There are 9,000 approved drilling permits that are not being used," White House press secretary Jen Psaki said. "So the suggestion that we're not allowing companies to drill is inaccurate."

Experts predict local prices will go well above $6 per gallon in the future.

Related: OPEC • Petroleum • Mohammed Barkindo • Russia • Biden • Saudi Arabia

OPEC secretary general Mohammad Barkindo said the oil-producing group has no control over current events like Russia invading Ukraine that are driving prices upward. He says his group's mission is to keep petroleum supplies stable.

President Biden may be looking for additional options for oil with a possible trip to Saudi Arabia in the coming months.