New York Gas Prices Expected to Keep Climbing

Got story updates? Submit your updates here. ›

Despite a recent two-week ceasefire, gas prices in New York are expected to continue rising in the coming weeks and months. Experts say it will take time to fully restore oil flows through the critical Strait of Hormuz, which could keep crude oil and gasoline prices high until output returns to normal levels.

Why it matters

High gas prices have a significant impact on consumers, businesses, and the overall economy. Prolonged price increases could strain household budgets, affect consumer spending, and slow economic growth in New York.

The details

The U.S. Energy Information Administration predicts that gas prices in the U.S. will peak at around $4.30 per gallon, with the highest prices expected in late April. In New York, the average price has already risen to $4.145 per gallon, up 15 cents in the past week, 70 cents higher than a month ago, and over $1 more than a year ago. Experts say the higher prices are due to the disruption in oil flows through the Strait of Hormuz, which could take months to fully restore.

• On Tuesday, President Trump announced a two-week ceasefire with Iran.
• The U.S. Energy Information Administration predicts gas prices will peak in late April 2026.

What they’re saying

What’s next

The U.S. Energy Information Administration will continue to monitor the situation and provide updated forecasts on when gas prices are expected to peak and return to more normal levels.