Leading economic indicator?
New York’s Fox affiliate reports:
With the summer travel season fast approaching, gas prices are on the rise but some people are getting sticker shock in Manhattan. Regular gas has hit $5 a gallon at at least one station. A Mobil station on 11th Ave. in Hell’s Kitchen has raised its prices to $4.999 a gallon. Across the river in New Jersey, the statewide average is $3. The price gap has shrunk between New York and New Jersey after a huge gas tax increase was enacted in the Garden State during the Christie administration.
ABC News reports:
Surging prices at the pumps are crippling consumers across the country because for the first time since 2014 Americans will pay the highest gas prices on Memorial Day weekend. Just a year ago, people such as Miles Persons paid $3 a gallon for gas. Now, the average in California is $3.75 with a possibility of increasing. “I think anything above $3.50 starts to take a toll,” Persons said. So what is causing the uptick in prices? Some argue it’s in part because of President Donald Trump’s decision to impose sanctions on oil-rich Iran and pull out of a nuclear weapons agreement with the country.