ROCHESTER, N.Y. — Gas prices in Rochester have risen more than 75 cents in just a month.
This is the sharpest spike in prices since the pandemic. According to GasBuddy, the average price in Rochester is $4.06 a gallon, two pennies cheaper than the national average of $4.08. The price spike is being caused by a reduction in the flow of oil into the global market.
News10NBC’s Deanna Dewberry closely tracked the rise in prices four years ago and is monitoring the current situation with hourly updates. In March 2022, drivers waited for 30 minutes to get $4 gas at Costco. Fast forward four years and the eye-popping price at the pump is above $4 again.
Dewberry: “When we saw that sudden rise in gas prices post-pandemic as the economy started to open up again, the rise that we’re seeing now does it compare to that?”
Patrick De Haan, GasBuddy petroleum analyst: “Absolutely. It’s very similar, though the price remains below what it was in 2022, the pace of increases is nearly record setting.”
That worries local drivers facing those ever-changing numbers on digital signs.
“I expect this to last unfortunately and do worry about greater inflationary issues coming from just the cost of doing business,” Cory Masonis said.
It’s a concern shared by De Haan.
“Inflation had been cooling. A lot of what’s happening could have severe negative consequences on inflation reigniting yet again,” De Haan said.
That’s because diesel is now approaching $6 a gallon and diesel fuels America’s economic engine. Any products delivered in a diesel truck will likely see a rise in price. But President Donald Trump promises the pain will be temporary.
“The gas prices will rapidly come back down. Stock prices will rapidly go back up,” Trump said.
But OPEC warns that’s not likely because critical oil and gas infrastructure is being destroyed.
“Refineries take time to build, attacking them and destroying them certainly reduces the amount of gasoline, diesel and jet fuel for the global market,” De Haan said.
“Volatile situation. Not much good news. Not much light at the end of the tunnel for consumers,” De Haan added.
Analysts say we need to brace for prices to remain high for months. Moody’s Analytics is now saying a recession is “once again a serious threat.”
Most analysts predicted a recession would cripple the economy in 2023, but they were proven wrong.
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