After the Labor Day holiday, drivers in New York City are facing a significant increase in gasoline prices, according to the latest data from the American Automobile Association (AAA). The average price of gas in New York City has risen by 15 cents over the past week to reach $3.33 per gallon; on Long Island, it has increased by 13 cents to $3.23 per gallon; and in New Jersey, it has seen the smallest increase of 11 cents, reaching an average of $3.17 per gallon.
AAA attributes this surge in prices to three major factors. Firstly, there has been strong demand before and after the Labor Day holiday, with daily gasoline demand in the United States surpassing 9.1 million barrels, higher than the average of 9 million barrels over the past four weeks. Secondly, gasoline inventories have decreased as demand has risen significantly nationwide. Thirdly, refineries are reducing production as they prepare to switch to winter-grade fuels, leading to a decrease in gasoline supply during the summer.
According to AAA’s data, the states with the lowest gas prices in the United States are Mississippi at $2.71 per gallon and Oklahoma at $2.74 per gallon. Conversely, California continues to have the highest gas prices in the country at $4.62 per gallon, followed by Hawaii at $4.46 per gallon.