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LIU STATEMENT ON GAS CRISIS
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NEW YORK, NY – Comptroller John C. Liu said that federal and state authorities and private-sector suppliers must restore normal gasoline supplies to New York City as quickly as possible for the economic health of the City.
"The gas crisis is well beyond being a mere inconvenience," Comptroller Liu said. "People depend on gasoline to go to work, run their businesses, and to provide care for children and the elderly. The shortage has become a serious economic and public-safety issue."
New York City is by far the most fuel-efficient city in America, but that means that each gallon of gasoline that is not delivered has a much bigger economic and social impact than elsewhere. Economists at the Comptroller's office estimate that New York City generates an amazing $560 in GDP per gallon of gasoline, compared to a national average of about $110 per gallon, making the City five time more gas efficient than America as a whole.
Moreover, the gasoline lines themselves have become a major drain on City residents. The Comptroller's office estimates that the gasoline lines the City experienced for the past week imposed an opportunity cost of approximately $100 million in wasted time that could have been devoted to more productive activities.