LAS VEGAS (KTNV) — Everywhere you look, gas prices are going up across our valley not only putting a strain on drivers, but local businesses too.
WATCH | I asked Las Vegas Souvenirs & Gifts Shop Owner Jimmy Singh if it has been tough being a business owner right now.
“Very tough," Singh said.
Singh's shop is just off the Las Vegas Strip.
“We have had problems for almost a couple years," Singh said.
The latest issue his business is facing is sky-high gas prices nationwide.
“I received delivery last week from New York, usually they charged for the pallet $250, and now they charge like $400," Singh said. "You know, when I see that $400, I said is that right? They say, yeah the prices go up for the gasoline.”
Singh says he had to bump prices up because of it, raising some items like keychains, shot glasses, magnets and more by about 10 cents, but what's causing the rise in gas prices?
It stems from the latest conflict in Iran.
The Strait of Hormuz is a critical pathway for the world’s flow of oil. Attacks on commercial ships and threats of further strikes have stopped nearly all tankers from carrying oil, gas and other goods through the passage, leading to cuts in output from some of the world’s largest oil producers and spikes in prices, which fall on all of us.
“Yes, it is frustrating," said local Manuel Hurtado.
It's an issue Hurtado faces with his Chevy Truck.
“It’s a diesel, so yeah, it can add up to a pretty hefty bill," he said. “I was under $100, and now it’s about $155.”
AAA has average Las Vegas Regular Unleaded gas prices at $4.85 per gallon with diesel at $5.62 per gallon. I even saw significantly higher prices at a Summerlin gas station on Monday.
Meanwhile, DoorDash introduced an emergency relief program to help offset high gas costs for their delivery drivers.
However, President Donald Trump announced Monday that relief may be coming soon, saying the U.S. began peace talks with Tehran and could possibly reopen the strait.
Singh says that would help, but maybe not immediately.
“So that’s not like happening for tomorrow, and at least if they open it, they still take time," Singh said.
Singh tells me this year has been tough so far, but he hopes gas prices will drop to not just help him but everyone in our valley.
