Drivers not happy about skyrocketing gas prices, but accept it to punish Russia: "It's the cost of war"
LONG ISLAND -- President Joe Biden announced Tuesday the U.S. is banning all imports of Russian oil and gas, calling it a "powerful blow to Putin's war machine."
The move comes as gas prices have spiked in the wake of Russia's invasion of Ukraine.
As CBS2's Carolyn Gusoff reported, average gas prices are up more than 55 cents in just a week. They reached an all-time high of $4.35 per gallon on Tuesday on Long Island and in New York City it was at $4.36, according to AAA.
"I have to put my card in again because I passed the $100 limit," Melville resident David Noor said.
"I have to take my children to school. I have to go to work and so I need gas," Queens resident Maria Olsen said.
"Everything is going up but your salary, so it's really challenging to make ends meet these days," Oyster Bay's Jesse Robledo added.
Pain at the pump has been bearing down for months. The COVID recovery has prompted an unprecedented surge in demand while supply disruptions are still lag. Add in annual warmer weather gas price increases, and it's a perfect storm.
"This is an unfolding shock to the supply that is already very stressed," said Robert Guttman, an economics professor at Hofstra University.
Guttman said even though the U.S. gets less than 5 percent of its oil from Russia, prices are set in the global market and futures traders are reacting to an imbalance in supply and demand.
"Russia is only between 5 and 10 percent of supplies globally, but that's already a huge shock if supplies stretch to capacity limits," Guttman said.
The Russia oil ban is needed, he says, if sanctions are to make a difference.
Drivers that Gusoff spoke to agree.
"I think we have no choice. We don't want to take anything from Russia right now," Melville resident Sue Fisher said.
"It is the cost of war," added Alexis Greenidge of Queens.
AAA Northeast's Robert Sinclair says during times like these, make every drop count.
"Change your driving style. Accelerate gently, brake gently. Whatever speed you're accustomed to driving at out on the highway, lower it. Pump up your tires. Every inch you're over inflated you lose fuel economy," Sinclair said.
Gov. Kathy Hochul said she is evaluating the impact of temporarily suspending the state's 10-cent fuel tax per gallon, which goes toward road repairs.
"If you can ensure that that money is actually going to end in the pockets of consumers, it has my attention," Hochul said.
Meanwhile, state Attorney General Letitia James is launching a statewide probe into price gouging and Nassau County Minority Leader Kevan Abrahams is asking for enforcement to be ramped up and focused on high-demand items like gasoline, home heating oil, and other essentials.
