Ongoing tensions in the middle east have pushed gas prices higher yet again in Syracuse this past week. A $0.16-a-gallon jump has raised the average to $4.54, in Gas Buddy’s latest survey. That’s more than $0.40 higher than a month ago, and $1.50 higher than this time last year.
Analysts said the collapse of peace talks in with Iran sent more uncertainty through energy markets, causing the latest spike. They added ongoing volatility in the US war with Iran could push prices higher in the days ahead.
A few states suspended various taxes to limit the price spikes. New York lawmakers have considered similar moves, but have not enacted any tax breaks on gas.
Diesel fuel has been even more impacted. Refinery issues, on top of crude oil costs, sent the national average to $5.62-a-gallon. Diesel fuel costs affect the price of many consumer goods, spreading the impact past the price at the pump.
