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Home / Business / Weekend gas prices reached the highest level in four years after four years

Weekend gas prices reached the highest level in four years after four years



Long Island gas prices will reach their highest level in nearly four years on this Memorial Day weekend and are likely to continue to rise, experts said.

But the drivers said they are not stopping the travel plans yet.

The factors behind the rising oil price and thus the gasoline still have room, analysts said.

"There is still room for a rise in these prices, which is related to global demand and strengthening US economy," said Dan McTeague, chief oil analyst at GasBuddy, a Boston-based technology firm that provides fuel price data.

The average price of one gallon of unleaded gas on Long Island was $ 3.09 on Monday, 57 cents more. It was a year ago and the highest since December 5, 201

4, according to the Oil Price Information Service Fuel information provider headquartered in Gaithersburg, Maryland.

The average local cost will increase by 5 cents to 10 cents from the next t week to between $ 3.14 and $ 3.19 per gallon, prices have not seen since mid to late November 2014, said Denton Cinquegrana, chief executive officer. Oil analyst in Wall, New Jersey, office of OPIS.

Despite rising prices, 36.6 million Americans Across the country, this weekend will be driving on Memorial Day – 4.7 percent more than last year – and it will be the fourth year in a row, according to AAA.

Part of the reason is that motorists remember stickers in shock at the pump when prices were higher in recent years, Cinquegrana said.

"You have this memory and this type of muscle memory, if you will, and it says," Well, it could be worse. " ;", he said.

A strong economy and rising consumer confidence are also spurring more people to hit the road, AAA said. National, the average price of regular unleaded gas was $ 2.92 a gallon Monday, the highest since November 11, 2014, and up 57 cents from a year ago, according to OPIS.

In the state of New York, the average price was $ 3.06 per gallon, compared to $ 2.50 a year ago, and its highest since December 9, 2014.

New York recently joined 13 others States and Washington DC at. with gas prices that exceeded $ 3 a gallon.

At a Cumberland Farms petrol station in Lake Ronkonkoma on Monday, unleaded was unchanged at $ 2.89 per gallon. It was $ 3.03 at a speedway in Freeport and $ 3.07 at an Exxon in East Farmingdale.

A combination of factors has jumped gas prices to a level that has not been seen for years.

On the one hand, consumer demand for gas remains high. Although OPEC will cut crude oil production on 1 January 2017 to reduce global storage glut, Cinquegrana said.

West Texas Intermediate Crude, the benchmark in the US, is now trading at around $ 72 a barrel, the highest since 2014. In mid-April, it was $ 66 per barrel.

Geopolitical tensions are also spreading throughout the world (19659003) Last week, the US's decision to withdraw from the Iranian nuclear program and impose sanctions on this country drove crude oil prices higher.

After Memorial Day, prices are expected to continue to rise, [but] to what degree it can still be seen, "said Cinquegrana, but if crude oil prices cool, gas prices will follow, he said.

Michael Hever, 56, and an avid traveler, said he believed that most people would continue to bite the bullet at the gas pumps, and the Commack resident pumped $ 25 worth of gas into his Nissan Frontier pickup at Cumberland Farms in Lake Ronkonkoma

"No matter what the price of gas is, we will still buy it," he said.

For others, however, rising fuel costs can secure a livelihood.

Massapequa resident Bob Marino, 60, is one Long Island Yellow Cab driver paying for his taxis's gas.

The rivalry of the passenger carriers Uber and Lyft has already diminished its profit, and gasoline prices are not helping, he said [19659003] To reduce fuel costs, do not let the cab idle or run the air conditioning too long, he said.

He also tries to work extra hours and transport several passengers together, he said. He'll do the same to try to offset rising gasoline prices over the holiday weekend, he said.

"The money is good if you stay in the car and do not take too many breaks during the day … if you just keep going," he said.


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