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Gas prices dip to start 2024, but how long will it last?

New Yorkers are starting 2024 with a slight reprieve in gas prices, as the average cost for a gallon of regular gas has dipped to $3.35, marking a decrease from last year.

However, the future of these prices remains uncertain, largely influenced by global events. In 2022, the conflict in Ukraine significantly impacted fuel costs.

Despite the current downward trend, experts, including AAA representatives express concerns over potential increases due to instability in the Red Sea.

Recent conflicts involving Yemen’s Houthi rebels have threatened the stability of this crucial oil transit route. The situation escalated with Iran’s announcement of deploying a warship to the region, following the U.S. Navy’s action against Houthi boats that attacked a cargo ship.

They warn that any significant disruption in oil flow from this region could dramatically affect U.S. gas prices, depending on the scale and duration of the disruption. This global uncertainty leaves consumers like Frustaci watchful and cautious about future gas prices.

Categories: New York StateNews