New York's Metropolitan Transportation Authority (MTA), which runs metro transit in Zohran Mamdani-led New York City, is staring down a hefty fuel bill. According to a Bloomberg report published Monday citing an agency report, the MTA 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

The MTA purchases five million gallons of fuel every month to keep close to 6,000 buses and 10,000 metro commuter trips running. The authority expects its excess spending on fuel to be around $95.6 million in 2026, the report said.

Without its fuel hedging program, the agency would have initially had to spend $146 million on fuel. But hedging cut costs by more than $50 million. The program hedges half of its future fuel purchases over a year-long period, with the MTA locking in an average diesel price of $2.28 per gallon for that period, according to the report.

Meanwhile, diesel currently commands a price of $6.3521 per gallon on average nationally on Tuesday, according to American Automobile Association (AAA) data. That's 0.29 cents higher than Monday's average price of $6.3492 per 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. His oil stock portfolio is 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 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.