Why Gas Prices In New York Will Continue To Skyrocket

Despite a two-week ceasefire, don’t expect gas prices to drop in New York.

In fact, experts say gas prices will continue to rise.

Two-Week Cease Fire Announced

President Donald Trump called Tuesday a "big day for world peace."  On Tuesday, he announced he had suspended the bombing of Iran for two weeks as part of a two-week ceasefire.

Earlier that day, Pakistan forwarded to Trump a ten-point peace proposal from Iran that Trump called a "workable basis on which to negotiate."

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Trump also said the United States will help with the traffic buildup in the Strait of Hormuz. But experts warn it could take time to get oil flowing through the Strait of Hormuz.

Gas Prices Expected To Continue To Rise In New York State

However, gas prices will likely continue to rise even after the Strait of Hormuz reopens.

The U.S. Energy Information Administration said that restoring full oil flows through the critical waterway will take months, keeping prices higher until output returns to normal.

Experts say it all depends on the price of crude oil. The higher the cost of a barrel, the more drivers pay at the pump.

Gas Prices Expected To Peak Around $4.30

The U.S. Energy Information Administration predicts gas averages in the United States will peak at least $4.30 a gallon.

Officials expect peak prices later in April. AAA reports the up-to-date national average for a gallon of gas is $4.15.

Here in New York, it's now $4.145 per gallon. That's up about 15 cents more in the past week, about 70 cents higher than a month ago, and over a $1 more than New Yorkers were paying exactly one year ago.