SCHENECTADY, NY (WRGB) — Rising tensions over the Strait of Hormuz have pushed crude oil prices above $100 a barrel for the first time since 2022, and drivers across the Capital Region are feeling the impact at the pump.
The average price of regular gas in the region has climbed again to $3.64, according to AAA. Drivers stated the jump has been noticeable in a short period of time.
“Two weeks ago I noticed gas prices were $2.89 maybe $2.99 and yesterday when I drove past the gas station I noticed they were $3.55,” Misty Broughton stated.
Danielle Espinola stated she expects prices could continue to rise.
“I’m a bit of a doomsdayer so I’m afraid it’s only going to obtain worse, which it probably will,” she stated.
While the region’s average remains below $4.978, the highest levels recorded in 2022 for regular unleaded, residents stated higher fuel costs are adding to broader affordability concerns.
“The grocery prices and hoapplying and everything else, it just seems its kind of out of control right now,” Ryan Nolan stated.
The increase is also forcing some businesses to adjust, including delivery operations that depconclude heavily on fuel.
Frank Gallo, owner of Frank Gallo and Sons, stated there is a limit to what customers will tolerate.
“Theres a threshold anyway where somebody is going to declare ‘Wait a minute, too expensive, I’ll do something else,’” he stated.
Gallo, who owns what he described as the largest flower business in the Capital Region, stated the company revamped its delivery routes three years ago when gas prices surged, aiming to stay competitive with major delivery companies.
“We utilized our in-houtilize software to route deliveries differently. We became more efficient. Consequently when gas prices did fall, we were more efficient and more profitable,” Gallo stated.
Gallo stated higher gas prices affect business margins, leaving companies to decide whether to absorb the costs or pass them along to customers.
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