Wednesday, December 17, 2014

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Saratoga County

Gas prices on the rise

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Albany/HV: Gas prices on the rise
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A rise in prices at the pump has us penny-pinching. A gallon of regular gas is quickly approaching the $4.00 mark. Our Megan Cruz reports.

LATHAM, N.Y. -- "I'm pretty recently out of college, so I don't make a lot of money," said Kevin Peterson from Latham. "I'd say about one-fifth of my paycheck goes to gas."

But to his frustration, this week, he'll fork over even more.

"$50.63," he said, as he topped off his tank at the Stewart's Shop on Loudon Road.

Monday marks over a week's worth of rising gas prices. According to AAA, the average price of a gallon of regular unleaded in New York is $3.87. That's up $.13 from just last week.

"The law of supply and demand has yet to be repealed," said Gerry Silberstein. He's a finance professor at Sage Colleges. He says the reason for the spike in prices is simple: supply is down.

"There's been a cold snap here, storms in the Midwest. Those have been factors that lead to higher gasoline usage," said Silberstein.

But, demand is up.

"It has to do with people driving more as the weather warms up," he said.

Couple that with several West Coast refineries being down for maintenance, and you have a noticeable spike.

Silberstein says prices will likely stay this high into the spring.

"We have three vehicles, so it hurts at the gas pump especially with the minivan and three kids," said Latham resident Rick Goslow.

"I probably fill up once every eight days so it's going to add up," said Emily Schultz, also from Latham.

Peterson says he feels like a prisoner of the pump.

"Around here, there's no good options for public transportation, and I work over by the airport," he said.

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