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Gas Prices Spike In Tri-State Area, Experts Say, Due To Unrest In Egypt

And Don't Expect Much Relief At The Pump Until The End Of The Summer
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NEW YORK (CBSNewYork) — If it seems like you’re shelling out more for gas in the past few days that’s because you are.

Gas prices have gone up more than a dime this month, CBS 2’s Dick Brennan reported Monday.

“The gas prices are ridiculous. It’s really killing the cab drivers in this city,” driver Jack Dovey said.

Dovey drives a cab for a living, but he said right now he’s taking a beating.

“Personally, it’s taking money out of my pocket, taking money to feed my kids,” Dovey said.

Gas prices in New York City have surged to $3.93 a gallon. That’s up 12 cents in one week.

So what’s driving the spike? Experts say unrest half a world away: in Egypt.

“Egypt is not an oil-producing nation, but the Suez Canal runs through it,” AAA’s Robert Sinclair said. “We are seeing in effect a fear tax where speculators on crude oil prices bid them up in anticipation of some future problem.”

A price for a barrel of crude oil is now $105, the first time it’s been more than $100 since March 2012.

“I don’t make that much. I’m living with my parents, so 12 cents does make a difference. It adds up,” said Emmanuel Ombele of Roosevelt Island.

The price at the pump doesn’t just affect drivers; it impacts all parts if New York’s economy.

“Just about every product we get from clothes to cars to food come to our area by truck,” Sinclair said. “The guys who make those deliveries pay more for fuel, and they pass it on to who they are delivering to, and they pass it on to the consumer.”

So now it’s time to squeeze out every bargain and cut back where you can.

“I can’t afford the good gas, gotta go for the cheap gas,” Dovey said.

“If there’s no need to drive you better be walking. No need wasting gas like that. It’s not getting any cheaper,” Ombele said.

Experts don’t expect the prices to go down until the end of summer.

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