Gas Prices Surge Amid Ongoing Middle East Conflict

Albany residents express frustration as gas prices rise over 5% in a week

Published on Mar. 5, 2026

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The average price of regular gas in Albany, New York has risen 5.3% in the last week, according to AAA, leading to frustration among local residents. Experts attribute the price hike to the ongoing geopolitical tensions in the Middle East, which have impacted the global energy market and supply of gasoline.

Why it matters

Gas prices can have a significant impact on the local and national economy, affecting consumer spending, business operations, and the overall cost of living. The current price surge may prompt more drivers to consider switching to electric vehicles as a more affordable long-term option.

The details

Albany resident Peter Alphonso expressed his dismay at the rising gas prices, stating "It's insane, it sucks, it's going up higher. It's probably going to go even higher." According to Emily Eisner, acting executive director of the Fiscal Policy Institute, gas prices are tied to the global energy market and can be volatile in response to geopolitical events. Even though the U.S. has ample oil production, prices are impacted by the global supply and demand. UAlbany Political Science Professor Greg Nowell noted that prices could potentially reach levels similar to the 2008 crisis, when adjusted for inflation, but oil producers may be hesitant to raise prices too high due to the risk of encouraging more consumers to switch to electric vehicles.

  • The average price of regular gas rose 5.3% in the last week according to AAA.

The players

Peter Alphonso

An Albany resident who expressed frustration over the rising gas prices.

Emily Eisner

The acting executive director of the Fiscal Policy Institute, who explained how gas prices are tied to the global energy market.

Greg Nowell

A UAlbany Political Science Professor who discussed how high gas prices could potentially reach and the impact on the global economy.

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What they’re saying

“It's insane, it sucks, it's going up higher. It's probably going to go even higher.”

— Peter Alphonso, Albany resident (news10.com)

“Gas prices historically can be very volatile and tied to geopolitical events, so it's no surprise that right now we're going to see gas prices respond and go up.”

— Emily Eisner, Acting executive director, Fiscal Policy Institute (news10.com)

“I like to take as a precedent the crisis of 2008, in which gasoline went up to four-hundred-fifty dollars a gallon. If you adjust that for inflation, that would be seven or eight dollars today.”

— Greg Nowell, UAlbany Political Science Professor (news10.com)

What’s next

Experts will continue to monitor the global energy market and geopolitical tensions to determine how high gas prices may rise in the coming weeks and months.

The takeaway

The current surge in gas prices highlights the vulnerability of the U.S. economy to global energy market fluctuations, and may accelerate the transition to more affordable and sustainable electric vehicles as a long-term solution for many consumers.