Holiday gas gouging reaches $5/gallon in NYC

Other gas stations in the city are charging as low as $2.89 per gallon, right around the nationwide average.

A Mobil gas station in New York City's Hell's Kitchen neighborhood has increased its prices to $4.999 per gallon ahead of Memorial Day weekend.

Fox5's headline "Gas hits $5 a gallon in New York City" may be true but a bit misleading, as many other gas stations in New York City are still selling fuel around $3 per gallon.

GasBuddy suggests prices are on the rise around the country, thanks to the increasing price of oil. The national average grew by five cents last week to $2.93 per gallon. The price-tracking website recently conducted a survey to gauge the effects on holiday travel.

"According to the annual survey, only 58 percent say they will take a road trip this summer, a 24 percent decrease from last year, while 39 percent cite high gas prices for impacting their summer travel decisions, compared to 19 percent in 2017," the company says.

Average prices are up by around 50 cents compared to Memorial Day last year, costing motorists an estimated $1 billion in additional travel expense from Thursday through Monday.