Energy Costs Fall, But Still Higher Than Last Year
After several months of record-setting inflation and price increases, fuel and energy costs begin to drop.
Energy and Fuel prices across New York State have been sky-high these last few months. In fact, officials across the state expect this year's heating season to cost New York residents at least double what it had been in recent years. Many places across the state could even see a heating crisis with such high expenses.
Now while prices have been nearly out of control these last few months, we have started to see some energy and fuel costs begin to drop from those record highs.
Heating Oil, Propane, and Kerosene all saw record-high prices in the spring and summer of 2022. Those prices have fallen from the record high, and are starting to tick up again.
The same applies to gasoline and diesel prices across the state. After record highs in the spring and early summer, prices have fallen as we've gotten to autumn. However, prices have started to have a small uptick as well.
While inflation is a key part of the price increases that we've seen, another part of it may also be some speculation surrounding measures that New York State has taken to try and transition the state from using fossil fuels. The New York State Climate Leadership and Community Protection Act, that was signed into law in 2019, allows the State to begin to apply a Carbon Tax for the use of Fossil Fuels throughout the state.
You can see a lot of these impacts already as New York has already moved to ban gas appliances in homes, and gas vehicles on the roads, and require new buildings to be all-electric.