
Gas prices back on the rise in NJ, around nation after brief dip
TRENTON — Gas prices have rebounded in New Jersey and around the nation amid concerns about higher global oil prices and renewed seasonal demand.
AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $4.09, up five cents from last week. Drivers were paying $2.89 a gallon on average a year ago at this time.
The national average price for a gallon of regular gasoline was $4.12, also up five cents from last week. Drivers were paying $2.88 a gallon on average a year ago at this time.
Analysts say crude oil prices crept up above $100 a barrel amid the war in Ukraine and the fear of less Russian oil entering the market. At the same time, demand is increasing with warmer weather and prices at the pump are dipping from record highs.
Gas prices in New Jersey showed signs of lowering earlier this month. The cost for a gallon of regular averaged $4.04 last week, the lowest in a month.
Governor Phil Murphy promised some form of tax relief earlier this month. Murphy was vague about the details while speaking on News 12.
"I'm not sure it's direct to gas," Murphy said, "but I'm virtually certain it's something."
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