Malverne and West Hempstead residents are spending more to fill their cars as gas prices have steadily increased over the past month. The average price of gas on Long Island has jumped almost 65 cents in recent weeks, with the national average spiking nearly 90 cents over the same period. Local stations have followed a similar, significant upward trend.
Prices across the state, and the country, have been hit with increases after U.S. military activity in Iran created political and financial pressure. With local schools on hiatus for spring break in less than three weeks, some residents are concerned about the cost of gas affecting travel plans, even factoring in several competitive options to fill their tanks.
In Malverne and West Hempstead, gas prices currently average $3.60 per gallon of regular, with one station as high as $3.70 per gallon. The increased cost of fuel isn't only felt by residents, but by business owners as well. Gas stations need to refill their own supply from tankers, with the increased cost of inventory being an underlying factor in pricing. With stations refilling 20,000 gallons or more, an increase in their cost gets passed on to consumers.
One manager of a local gas station, who asked to remain nameless, explained that larger gas station franchises can offer lower prices than individually owned stations. "It went up a dollar from two weeks ago," he said. "Everyone has a different price. It depends how big you are or how small you are. We're small over here."
On Feb. 28, President Trump initiated a military attack against Iranian targets. Iran, one of the world's foremost oil producers, retaliated by slowing overall oil production and blocking the Strait of Hormuz — a crucial waterway through which roughly 20 percent of worldwide oil passes. The reduced oil supply is a crucial factor in the cost of fuel.
The last time oil spiked above $100 per barrel — a standard benchmark of fuel costs —was in response to Russia's invasion of Ukraine in March 2022, reaching a peak of $123 per barrel. It remained above $100 for five months. On March 12 of this year, oil reached $100 per barrel for the first time since 2022, bouncing to $106 on March 15.
On March 11, U.S. Secretary of Energy Chris Wright announced a plan to release 172 barrels from American petroleum reserves over the next 120 days. The action, which mirrors President Biden's release of 180 barrels during the price increase of 2022, should ultimately reduce the financial strain on consumers but will leave the country's stockpile of raw oil at its lowest point since 1982. "The United States has arranged to more than replace these strategic reserves," Wright wrote in a statement, "with approximately 200 million barrels within the next year — 20% more barrels than will be drawn down — and at no cost to the taxpayer."
