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Oil Prices Rise but Shows Signs of Tapering

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BROOME COUNTY, N.Y. -

With a looming deadline to extend or end sanctions on Iran, U.S. oil prices rose to $70 for the first time since 2014, Monday.

Fox 40 spoke with one woman at the pumps to get her insight into the price fluctuation, Julia Bennet, Endicott, said she isn't surprised by the rising numbers due to the warmer climates. She stated, "Most years, oil prices climb around the summertime, but it would be nice to see gasoline lowered to $1.00/gallon and not affect the economy."

In the past month, oil prices have risen 10% and economists at The Wall Street Journal said due to indications by President Trump that he may withdraw from a 2015 international agreement with Iran that allowed an increase in oil exports in return for sanctions to its nuclear program. 

According to AAA Travel Agency in Vestal, with a high demand for gasoline, coupled with a possible decrease in imports, prices are expected to rise but remain at a level that is viable for the public.

"Whenever there is turmoil in the Middle East it does tend to put pressure on the gas prices. We will see an increase at the pump, but I think it will level off," said Sheila Stulir, AAA Travel Center Manager.

From 2017 to 2018, some U.S. states have witnessed an increase of nearly 70 cents at gas stations.

Luckily for New Yorkers, NY is not the top 10 most expensive markets at the pump; California holds the title with $3.63/gallon, followed by Hawaii, Washington, Alaska, Nevada, Oregon, Idaho, Utah, Pennsylvania at $3.02/gallon and Connecticut at $2.98/gallon.

New York still remains above the national average of $2.81/gallon.