$6 Gas Prices Expected This Summer In New York
As gas prices continue to rise across the county, experts are warning that we could see $6 per gallon prices here in New York.
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The current average price of a gallon of gas in New York is around $4.98 according to AAA. Currently, California is the only state in the country with an average price of a gallon of gas over $6 but that will change this summer.
On top of already high gas prices, Gas stations and suppliers will have to switch over to the Summer blend of gas starting on June 1st. This blend costs more to make which means that increased cost will be passed along to the consumer.
According to the latest release from JP Morgan, the average price across the country will be over $6 by the end of Summer.
Pprices could surge another 37% by August, hitting a $6.20 per gallon national average. This is due to "expectations of strong driving demand" throughout the summer driving season, which spans from Memorial Day and lasts until Labor Day, the analysts, led by Natasha Kaneva, the head of JPMorgan's global commodities strategy team.
New York State has one of the Top 10 highest average prices for a gallon in the entire country.
The good news is that New Yorkers will get a bit of relief from high prices due to changes in the gas tax.
Starting on June 1st, New York State is going to waive their state tax on a gallon of gas which will save consumers around 16 cents per gallon. "The Gas Tax Holiday" will last for seven months.
Some New Yorkers will get even more help at the pump as some counties in the state are also waiving their gas tax during the "Gas Tax Holiday" as well.
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