Rising gas prices cripple New York taxi drivers

NEW YORK (Reuters) – For most Americans the rising price of gas has been a major headache, but for the 42,000 men and women who drive New York City’s famed yellow taxis, sustained high fuel prices have endangered their livelihood.

And slowing economic growth could make the matter worse.

Skyrocketing gas prices, which have risen to $3.29 a gallon (87 cents a liter) from roughly $2 a gallon (53 cents a liter) two years ago, mean New York cabbies now dish out an extra $15 or $20 to fill their gas-guzzling 8-cylinder Ford Crown Victorias every day.

A full tank of gas now costs about $50.

Drivers say their take-home pay has been cut to $90-$120 for a 12-hour shift — meaning they earn between $7.50 and $10 an hour to navigate Manhattan’s stressful streets.

Reuters