ELMIRA, N.Y. (WETM) – Many people across the east coast are grabbing gas tonight as the major fuel pipeline that provides most of the gasoline across the area is still shut down.
With supply quickly decreasing and demand skyrocketing as the run on gas continues a spike in gas prices is also expected.
Just days after a major ransomware attack on the colonial pipeline, at least a thousand gas stations in the southeast are seeing a gas shortage.
Consumers now panic buying gas in fear that they may run out, however, in the Twin Tiers, people say they are not concerned.
“I’m fortunate where I don’t live too far from where I work and I can do some work from home and I’m not concerned over it,” said Susan Maloney.
“I wish that the prices wouldn’t rise as much, but if they do, we’ll just have to live with it,” said Dynell Health.
In New York, you can expect to pay an average of $2.99 for a gallon of unleaded gas, while in Pennsylvania, the price for a gallon is $3.09.
“If people begin to get fearful and fill up their tanks every day you’re going to see gas stations running low, which could potentially drive up prices as well,” said Matthew Burr, an Assistant Professor of Business Administration at Elmira College.
“Supply and demand is obviously basic economics and so if you have the product and people need it you can raise the price if somebody else down the street doesn’t have the product,” said Burr.
17 states have already begun declaring an emergency asking for immediate transportation of gasoline, diesel, and jet fuel, as airlines are also beginning to run out too.