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Gas prices are hitting record highs yet again and are burning a hole in the pockets of those looking to hit the roads this summer for travel.

News 12 Staff

Jun 10, 2022, 9:35 AM

Updated 744 days ago

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Gas prices are hitting record highs yet again and are burning a hole in the pockets of those looking to hit the roads this summer for travel.
After months of people hoping for relief from the skyrocketing prices, gas has now reached above $5, including a BP gas station in Soundview hitting $5.09.
According to AAA, a gallon of gas is going for $5.02 on average around the state. In New York City, it's $5.16, which is nearly $2 a gallon more than it was last year.
Despite increased production, a gas tax holiday, and released from the national reserve, why are prices increasing?
AAA says it's a few things such as many countries not getting oil from Russia because of their invasion of Ukraine. That’s increasing the demand from other oil-producing countries.
With China ending a lot of its COVID-19 lockdowns, that’s increasing demand from one the world’s biggest oil consumers.
Finally, in the U.S., it's supply and demand. Less oil production and increased demand as people get out, so companies are raising prices.
According to GasBuddy.com, the cheapest gas in the Bronx can be found at the Petroleum in Highbridge for $4.81. In Brooklyn, Mother Gaston Boulevard's 76 is going for $4.73.
AAA says they expect prices to just keep going up.


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