Expert: U.S. Investment Bankers Driving Up Gas Prices, Not Middle East Tensions
If you think the reason for skyrocketing gas prices is because of a global shortage of oil or tensions in the Middle East, you may be wrong.
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If you think the reason for skyrocketing gas prices is because of a global shortage of oil or tensions in the Middle East, you may be wrong.
The national average for a gallon of gas shot up again Thursday to $3.61. So far, that's a 33 cent spike since the first of the year and it's 42 cents more than you were paying this time last year.
Some are blaming President Barack Obama for the sky-high gas prices, claiming he wants to help enforce the "use-less gas lifestyle" he wants Americans to adopt.
You'd think a warm winter and lower demand for heating oil might somehow translate to lower gasoline prices as well - but it doesn't work that way.
At $3.53 a gallon, prices are already up 25 cents since Jan. 1. And experts say they could reach a record $4.25 a gallon by late April.
"You want to go to movies, you want to go to dinner, you can't do any of it because you're worried about how you have to fill up your tank to get to work and back," said John Decrescenzo of Brentwood.
It looks like the dip in gasoline prices is behind us, according to oil analyst Peter Beutel. He says it's unusual for this time of year, since winter is far from over.
High gas prices are no surprise in the summer, but they've gone up this winter.
On top of the 25 cent a gallon state tax is a floating tax that rises and falls with the price of gas. Right now, that's an additional tax of 25 cents per gallon.
While there are some predictions of higher gas prices in December just in time for the holidays, oil analyst Peter Beutel believes prices, for the most part, have peaked.
AAA Mid-Atlantic says the average price of regular gasoline in New Jersey on Friday was $3.36, up 3 cents from last week.
Legislator Michael Kaplowitz is proposing that a $1,000 fine be levied on gas stations that don't clearly indicate a different price for card customers.
Rockland County residents know the road to cheap gas leads down south to New Jersey.
Consumer Affairs says 41 gas stations are found in Manhattan, primarily above 96th Street and along 10th and 11th Avenues.
Oil analyst Peter Beutel says that while the current national average for a gallon of regular gas is $3.45, here in our metropolitan area, the price is at least 40 cents higher.
Motorists are seeing sharply lower prices at the pumps in New Jersey.
AAA Mid-Atlantic says the average price of regular gasoline in New York was $3.87 on Friday, down from around $3.90 last week. That's still over a dollar higher than last year, when motorists were paying $2.82.
If you filled your gas tank this Labor Day weekend you know it cost a lot more than it did last year and as you return home from your holiday weekend make sure you have some extra cash to fill up your tank.
St. Sen. Len Suzio is coralling the help of Connecticut's citizens to cap a tax on gasoline in the Nutmeg State.
The state Environmental Protection Department says visits have tripled since 1980, to a record 18.8 million people in fiscal 2010. It's up 2 million since 2007.
AAA Mid-Atlantic says the average price of regular gasoline in New Jersey on Friday was $3.58, down 8 cents from last week. That's still much higher than the cost a year ago, when motorists were paying $2.61.
Oil analyst Peter Beutel says prices are dropping and they should be reflected at the pump soon.
Despite the recent ups and downs of the stock market that, economists say, could continue through the fall, there are some good news for consumers.
When consumers go to the gas pump in Connecticut, they pay two taxes.
Connecticut now has the distinction of having the highest gasoline tax in the lower 48 states - a whopping 70.3 cents for every gallon purchased.
The 31-year-old Puerto Rican artist Bad Bunny took the stage on Sunday dressed in all white, donning a jersey with his last name, Ocasio, and the number 64.
Archbishop Ronald Hicks received a warm welcome from the faithful in the pews at St. Patrick's Cathedral as he presided over his first Mass Sunday.
Salman Rushdie has come to terms with the attempt on his life the only way he knows: by writing a book about it, "Knife." He detailed the experience in his first television interview since the attack.
Team USA defended its Olympic figure skating team event gold medal on Sunday after Ilia "Quad God" ushered the team to victory at the Milan Cortina 2026 Winter Olympics.
The Seattle Seahawks defeated the New England Patriots Sunday to win the 2026 Super Bowl.
Archbishop Ronald Hicks received a warm welcome from the faithful in the pews at St. Patrick's Cathedral as he presided over his first Mass Sunday.
Con Ed blamed the Bushwick power outage on snow and road salt mixing together and seeping into its ground equipment.
A Cold Weather Advisory is in place through 10 a.m. on Monday for the entire Tri-State Area. As a result, a First Alert Weather Day will be in play for at least part of the day.
New York City officials are expanding efforts to make sure all residents stay safe during Saturday night's dangerously cold conditions.
Mayor Zohran Mamdani issued an executive order he says will protect New Yorkers from "abusive immigration enforcement" by the Trump administration.
A Cold Weather Advisory is in place through 10 a.m. on Monday for the entire Tri-State Area. As a result, a First Alert Weather Day will be in play for at least part of the day.
A Connecticut man was arrested after allegedly driving drunk in the Bronx and hitting pedestrians on a sidewalk Friday.
Parts of New York and Connecticut could see snow Friday into Saturday. A First Alert Weather Day is in effect for the weekend due to dangerously cold temperatures.
Bundle up — New York City and the Tri-State Area's stretch of dangerously cold weather continues, and it's sticking around longer than anyone would like.
New York, New Jersey and Connecticut were pivotal during America's birth. This year, as the nation celebrates its 250th birthday, CBS News New York is highlighting the hidden history in our own back yard.
A Cold Weather Advisory is in place through 10 a.m. on Monday for the entire Tri-State Area. As a result, a First Alert Weather Day will be in play for at least part of the day.
New York City and the Tri-State Area are preparing for what is expected to be the coldest weather of the season so far this weekend.
The Democratic primary race for the Congressional seat vacated by Gov. Mikie Sherrill is too close to call.
Gateway Tunnel construction may resume after a federal judge temporarily blocked President Trump's funding freeze for New York and New Jersey's $16 billion infrastructure project.
The entire Tri-State Area will be under an Extreme Cold Warning as dangerously cold temperatures settle in, along with some snow.
A Cold Weather Advisory is in place through 10 a.m. on Monday for the entire Tri-State Area. As a result, a First Alert Weather Day will be in play for at least part of the day.
A Long Island man accused of driving drunk and killing a Nassau County police officer appeared in court Friday. Matthew Smith entered a not guilty plea.
The entire Tri-State Area will be under an Extreme Cold Warning as dangerously cold temperatures settle in, along with some snow.
The goal is to get patients drunk and high at a new research lab on the border of Nassau County and Queens.
The Patchogue-Medford School District said in a letter that the Suffolk County Department of Health alerted them about an infectious person in the school community.
President Trump criticized Team USA freestyle skier Hunter Hess after he and other American athletes at the 2026 Winter Olympics shared their thoughts on U.S. politics.
Former House Speaker Nancy Pelosi plans to endorse Jack Schlossberg, John F. Kennedy's grandson, a source familiar confirmed to CBS News.
Mayor Zohran Mamdani issued an executive order he says will protect New Yorkers from "abusive immigration enforcement" by the Trump administration.
President Trump late Friday addressed a video posted to his social media account that included a racist depiction of Barack and Michelle Obama as apes, telling reporters he didn't see the part that showed the former president and first lady.
New York City and the Tri-State Area are preparing for what is expected to be the coldest weather of the season so far this weekend.
Mount Sinai Health System and Anthem Blue Cross Blue Shield failed to reach a contract agreement by Dec. 31, which means about 9,000 physicians are no longer considered in-network.
Brooklyn's Green-Wood Cemetery is set to become the first on the East Coast to offer human composting.
The goal is to get patients drunk and high at a new research lab on the border of Nassau County and Queens.
The Patchogue-Medford School District said in a letter that the Suffolk County Department of Health alerted them about an infectious person in the school community.
Day 25 of the New York City nurses strike saw protests, arrests and some progress in the negotiations.
The 31-year-old Puerto Rican artist Bad Bunny took the stage on Sunday dressed in all white, donning a jersey with his last name, Ocasio, and the number 64.
Brad Arnold, the founder and lead singer of the 3 Doors Down has died following "his courageous battle with cancer," the rock band announced Saturday on social media.
Bad Bunny took the stage at halftime for the 2026 Super Bowl. Here's who else performed at Super Bowl 60.
Two-for-one tickets are returning for New York City's Off-Broadway Week.
The sheriff says the note was sent to a local Arizona news station, which agreed not to report on it, following the disappearance of "Today" show co-host Savannah Guthrie's mother, Nancy Guthrie.
The 31-year-old Puerto Rican artist Bad Bunny took the stage on Sunday dressed in all white, donning a jersey with his last name, Ocasio, and the number 64.
Team USA defended its Olympic figure skating team event gold medal on Sunday after Ilia "Quad God" ushered the team to victory at the Milan Cortina 2026 Winter Olympics.
The Seattle Seahawks defeated the New England Patriots Sunday to win the 2026 Super Bowl.
NYU stands alone atop the NCAA Division III women's basketball record book with 82 consecutive victories.
Jalen Brunson scored 31 points and Josh Hart added 19 to help the New York Knicks beat the cold-shooting Boston Celtics 111-89 on Sunday.
After their building managers were arrested on fraud charges, tenants in Queens say their apartments were left in chaos.
Harlem's Schomburg Center for Research in Black Culture centennial anniversary began last year, and 2026 marks 100 years since the library became owner of its namesake's personal collection, making it a full-fledged research center.
Brooklyn's Green-Wood Cemetery is set to become the first on the East Coast to offer human composting.
Dozens of middle school girls celebrated National Girls and Women in Sports Day at the Brooklyn Basketball Training Center on Wednesday.
A group of senior dancers aged 70 and up shine on stage at the Korean Community Services' center in Queens. They practice in Flushing twice a week and perform at events citywide.
The Halloween tradition strolled through Manhattan's East Village on Sunday, with furry friends dressed in colorful costumes.
A suspect was taken into custody after an attack on Pearl Street Mall in Boulder on June 1 in which there were 15 people and a dog who were victims. The suspect threw Molotov cocktails that burned some of the victims, who were part of a march for Israeli hostages.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
Dogs got decked out for the annual Tompkins Square Halloween Dog Parade in New York City's East Village on Saturday.
Cosplayers flooded New York City's Javits Center in October 2024 for the annual New York Comic Con convention.
Fermento NYC on Varick Street is giving away free pizza to the first 50 customers, starting at 11 a.m., to celebrate National Pizza Day.
Firefighters said one person was hospitalized in critical condition after a fire started in a Washington Heights building.
Investigators are continuing to search for Nancy Guthrie after she disappeared from her Tucson home more than a week ago. CBS News New York's Elijah Westbrook reports.
Hundreds of Con Ed customers had to brave the frigid temperatures without heat because of the power outage in Brooklyn.
Being outside even for a short period of time could be dangerous as the extreme cold continues. New York officials are working to expand efforts to keep residents safe. CBS News New York's Christina Fan reports.
