Syracuse (WSYR-TV) - Central New Yorkers are starting to feel the pinch at the gas pump again.
Prices have jumped almost 25 cents per gallon in the past month. While consumers may be surprised by the increase, economists say prices are where they should be in relation to crude oil prices.
Meanwhile, in October and November, crude prices spiked while gas prices declined. Economists now say gas prices are inching back up to match crude prices.
“Retailers didn’t think that this spike in crude oil prices was going to be permanent so they didn’t reflect it in the gasoline prices,” said Syracuse University economics professor Donald Dutkowsky. “It looks like this increase in crude oil prices looks to be more long term in settling, so they’re raising gasoline prices to reflect that.”
Dutkowsky said that prices could continue their slow climb – something drivers are wary about.
“Even being two miles from work, I still – when it’s warmer – I’d like to take my bicycle just to save on gas,” said Bruce Dollinger.
“Because it’s such a necessity – I mean I travel a half hour to work and back so it’s something I’m expecting to be there and adjustments are made elsewhere,” said Amanda Smith.
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