ROCHESTER, N.Y. — AAA is predicting a record number of travelers over the Memorial Day weekend.
Despite higher gas prices, 45 million people are expected to travel 50 miles or more from home. The price in Rochester jumped more than 15 cents in a week.
President Donald Trump announced he hopes to slow down the rise by waiving the federal gas tax. That should cut the price at the pump by 18 cents, but experts say as rates continue to rise, that tax cut may not help much.
GasBuddy analysis reveals that here in New York, Monday is the best day to buy gas and Wednesday is the worst day. But motorists say lately, there are no good days to fill up.
“I think it’s very unfortunate and I think we know why,” Rob Ferris said.
The war in Iran and the blockage of the Strait of Hormuz is why. 20% of the global oil supply travels through this crucial waterway, and a reduction in the supply of oil has led to higher prices.
“Rochester seeing an increase north of 15 cents a gallon in the last week. The average price now $4.56 this morning according to our data from just a moment ago,” Patrick de Haan said.
News10NBC’s Deanna Dewberry asked de Haan if Rochester could see $5 gas by Memorial Day.
“Right now it doesn’t appear the Trump administration is going to actively do much to improve the situation, so I do think it’s becoming more of a possibility but it’s not a foregone conclusion yet,” de Haan said.
The president rejected Iran’s response to a U.S. peace proposal, saying on Monday the ceasefire with Iran was on life support. So to try to provide some relief at the pump, the administration is urging Congress to pass a bill that would suspend the federal gas tax.
“Waiving the federal gas tax could reduce prices by 18 cents a gallon if everything else froze. The difficulty is that with oil prices actively climbing, some of the decrease that could make it to the pump could be obfuscated if oil prices continue actively trending higher,” de Haan said.
But de Haan says even if the war were to end tomorrow, it would take months before we would see $3 gas again. He points out that diesel is nearing historic highs and jet fuel continues to rise as well. Whether we travel by plane, train or automobile, we can expect to pay more.
To see the current gas prices in Rochester, click here.
Consumer Alert: Gas prices could hit $5 by Memorial Day Weekend WHEC.com.
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