New York’s Metropolitan Transportation Authority (MTA), which oversees metro transit in Zohran Mamdani-led New York City, reportedly expects to spend upwards of $95 million in excess fuel costs as ongoing tensions with Iran drive energy prices in the U.S.
5 Million Gallons of Fuel Purchased Every Month
According to a report published by Bloomberg on Monday citing a report released by the agency, the MTA purchases five million gallons of fuel every month to run close to 6,000 buses and 10,000 metro commuter trips. The authority expects its excess spending on fuel to be around $95.6 million in 2026, the report said.
The agency would have initially had to spend $146 million on fuel, but its fuel hedging program cut costs by more than $50 million, the report said. The program sees half of its future fuel purchases being hedged over a year-long period, with MTA locking in an average diesel price of $2.28 per gallon for that period, the report said.
According to the American Automobile Association (AAA) data, diesel currently commands a price of $6.3521/gallon on average nationally on Tuesday. The price is 0.29 cents higher than Monday’s average price of $6.3492/gallon.
Trump’s Oil Holdings Draw Ire
Amid high fuel prices, President Donald Trump‘s oil holdings reportedly gained 43% since the end of last year, with Trump’s oil stock portfolio worth between $22.5 million and $81.6 million, according to a report released by Democratic lawmakers part of the Congressional Joint Economic Committee.
Trump’s windfall profits drew sharp criticism from Gov. Gavin Newsom (D-CA), who said that the President had sworn an “oath” to oil companies. Trump had also touted oil producers recording hundreds of billions of dollars in profit since the Iran war kicked off.
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