Analysts reveal how high NJ gas prices could get this summer
We have been spoiled at the pump for several months, but the spike in gas prices for the past few weeks in New Jersey will continue through April and the rest of spring.
Jolted by a significant rise in crude oil prices, along with the annual switch to a summer-blend gasoline, it's predicted the state won't be averaging less than $2 per gallon for much longer.
According to Gregg Laskoski, senior petroleum analyst for GasBuddy, prices in New Jersey are expected to peak in May or June between $2.20 and $2.40 for a gallon of regular gasoline.
That's quite the jump from where we are today, but still a good amount lower than last year's peak of $2.61 on June 18.
"The thing to watch for isn't necessarily when prices peak, but how long they'll stay high through the summer months," Laskoski told New Jersey 101.5. "And that really depends on the strength of the economy and on consumer demand."
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Prices don't necessarily have to remain at their peak through the heavy driving season. According to Laskoski, the 2015 national average peaked in mid-June and dropped about 14 cents by July 4.
The end-of-March update from AAA reported an average New Jersey price of $1.84 per gallon, up 28 cents from a month prior. Nationwide, the first three months of 2016 offered the cheapest quarterly gas prices in 12 years.
Laskoski noted drivers are more likely to find cheaper gas prices at "major sellers" that purchase and sell gasoline at greater volumes.
"If you purchase at a higher volume, you're probably going to be able to access discounts that wouldn't ordinarily be available to the smaller operators," he said. "Wawa is one of them, Costco, Sam's Club."
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|New Jersey Gas Prices provided by GasBuddy.com|