Skyrocketing crude oil impacting prices at the pump, home heating prices

Sinclair says crude oil is at $79.09 a barrel, the highest it's been since the fall of 2014.

News 12 Staff

Oct 6, 2021, 2:22 AM

Updated 1,197 days ago

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The price of natural gas has more than doubled since last year, causing pain at the pumps and possible price hikes for the upcoming home heating season.
According to AAA, things are not going well right now when it comes to the price of gas.
"There's something very abnormal going on because at this time of year we should see gas prices going down," says Robert Sinclair, spokesperson for AAA.
Sinclair says one of the reasons we're not seeing lower prices at the pump -- the price of crude oil.
"A lot of analysts were anticipating that OPEC would increase output, OPEC plus would increase output somewhat significantly, but their leaving it were it is, has motivated a lot of buyers to get into crude oil, more buyers than sellers and that's why we saw the price go up," says Sinclair.
Sinclair says crude oil is at $79.09 a barrel, the highest it's been since the fall of 2014.
The price of natural gas also went up nearly 10% Tuesday, hitting a peak not seen since 2008.
In a statement to News 12 about how much some Long Islanders might have to pay for their natural gas, National Grid said, "We do all we can to mitigate the impact to our customers. We are finalizing the supply pricing and we will have more information later this week."
Analysts say an increase in energy prices could hinder the U.S. economy, boost the cost of living and escalate inflation fears.
"It's hard to know, no one can predict when we might see lower prices. This market is just too fickle," says Sinclair.
To help get better fuel economy, AAA says keep your vehicle in good running condition, make sure your tires are properly inflated and get rid of anything you're carrying around that creates extra weight.