Long Island Gas Prices Soar to $3.94 Per Gallon

Gas prices on Long Island have continued to rise, surging to $3.94 per gallon on average on Wednesday morning throughout the counties of Nassau and Suffolk.  That represents a rise of 14.5 cents per gallon from the already high prices reported earlier in the week.  The last time gas managed to spike to $4 per gallon on Long Island was on November 21^st, following in the wake of Hurricane Sandy. 

While Long Island residents may be worried about the gas prices, analysts say that the rise should cap off.  That doesn’t mean that gas won’t still hit $4 per gallon before prices even out or fall again.  The chances of that happening are “quite good” according to analyst Andy Lipow, president of Lipow Oil Associates LLC, a Houston based consulting company.

While gas prices aren’t quite as high as they were in November, heating oil is as expensive as it has been since that month, and also 10.6 cents per gallon higher than it was at this time last year.  Right now, heating oil is priced at $4.297 per gallon.  Why are oil and gas prices so high these days?  Analysts point toward global economic news, surging demand in China, and OPEC cutbacks. 

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