Gas prices are nearing $5 a gallon as the unofficial start to summer approaches with Memorial Day weekend.
Average gas prices in New York state increased to $4.933 per gallon of regular unleaded gasoline on Monday morning, according to AAA. That’s a new record high, up 17 cents from a week ago and an increase of 70 cents from a month ago.
Gas prices in the Syracuse area have also risen sharply to $4.859, up 19 cents from last week. That’s also a new all-time record, and more than 60 cents above 2008′s high of $4.232 per gallon.
Nationally, gas prices are $4.596 per gallon, up 12 cents from last week. A year ago, regular fuel cost $3.04 per gallon.
Gas and crude oil prices have been climbing rapidly since Russia invaded Ukraine in March, among other factors. Russia is the third largest oil producer in the world, accounting for 8-10% of the global oil supply. AAA says the latest Energy Information Administration (EIA) data shows tighter supply and increased demand have pushed pump prices higher this month. Combined with volatile crude prices, prices are likely to continue headed upwards.
But some relief is on the way next week.
Onondaga County lawmakers voted last month to cap the county’s gas tax at 12 cents a gallon from June 1 to Nov. 30 and state lawmakers have also agreed to suspend some of the state’s gas taxes, cutting 16 cents per gallon from June 1 through Dec. 31. If gas prices are $5 per gallon on June 1, that would mean savings of about $2 for 12 gallons of gas in Central New York.
AAA said its research showed 75% of U.S. adults would change their driving habits or lifestyle if gas prices rose to $5 per gallon. Inflation has also impacted Americans’ spending on groceries and other products.
To conserve fuel, AAA recommends the following:
- Map routes ahead of time
- Avoid peak traffic times like rush hour
- Combine errands into one trip
- Use cruise control as much as possible
- Make sure tire pressure is at recommended level
- Remove unnecessary, bulky items from the car
Drivers can also compare gas prices before filling up with the AAA Mobile App or by checking GasBuddy’s website. According to GasBuddy, nine gas stations in the Syracuse area were currently selling regular gasoline for less than $4.70 per gallon Monday.