Gas has become increasingly expensive and is something we have begun to consider…
“How many miles to the gallon?” That is a question most Queens consumers are using these days when contemplating purchasing vehicles or even turning on their ignitions.
Gas has become increasingly expensive and is something we have begun to consider quite seriously when equating our bottom lines on our family budget. The days of filling up an economy car for $12 are gone, with mid-size luxury cars cruising at $35 to $40 per fill-up, and those dazzling sports cars with wonderful turbo engines and — ouch — eight cylinders yielding an ugly price tag at the pump.
And let us not forget the granddaddy of them all — the SUV — which has some Queens consumers going for somewhere in the neighborhood of $70 when filling up.
For those who use their vehicles as their livelihood, the expenses have taken a heavy toll. Cab drivers, route drivers, delivery drivers and the like are watching their profits dwindle as the expense of doing business in their cars has risen substantially.
As I drove around Queens the other day, I thought I would try and “price out” gasoline stations. There used to always be at least one gas station, be it brand name or not, that was lower than the rest. But that is surely and unfortunately not the case. Prices ranged from $1.97 and up.
Heaven have mercy on the consumer who has prided himself or herself on using only premium- or super-type gasolines. The price range for that luxury is at $2.08 and higher. With prices like these, I am certain Queens residents will not want to even idle their vehicles unless absolutely necessary.
Is there an end in sight? Well, brace yourself, Queens and the nation. The answer for now is no. The business report forecast by Energy Information Administration head Guy Caruso on April 9 was that prices at the pump would continue at what I would call a ghastly pace and even go higher. Gas prices are estimated to rise for the next three months and then decline as we head into mid- to late summer.
So how’s business and the general outlook for gas prices in Queens? Not good at the pump, and with the war in the Middle East not seeming to lose momentum it can only mean for me and all of us that prices will remain high.
Joe Palumbo is the fund manager of The Palco Group Inc., an investment company, and can be reached at palcogroup@aol.com or 718-461-8317.
