Gas prices rising – again – in New Jersey
💲 Gas prices have begun to creep up again in New Jersey
💲 A change is gas formulas and rising oil prices are to blame
💲 Gas is still 16% lower than last year at this time
Gas prices in New Jersey has resumed a steady climb upward, with AAA noting a 7-cent increase in the last week.
For much of the Winter, prices had been steadily declining as demand for gas was low and oil prices were dropping.
The recent increase in oil prices has caught up with pump prices in New Jersey, and are driving the latest increases.
AAA puts the statewide average for a gallon of regular at $3.27. That's up 2-cents from Monday.
Prices are still lower than they were a month ago when we were paying $3.38 per gallon.
Oil prices are not the only factor in the recent gas price increases.
"Another reason is that the seasonal switch to summer blend gasoline is underway, which may account for this bounce in pump prices,” said AAA spokesman Andrew Gross, “This blend is designed to lower emissions during the summer and is more expensive to refine. Switching to summer blend usually adds about five to ten cents to the price of gasoline."
Analyst Patrick De Haan at GasBuddy.com notes we are paying significantly less than a year ago, when prices had risen over $4 per gallon, and were on their way to a record $5.05 a gallon in June.
De Hann notes that prices are still 16% lower than in 2022.
New Jersey drivers are also faring better than the most of the nation. AAA says the national average for regular is $3.41, 16-cents less than New Jersey.
The cheapest gas, on average, in New Jersey can be found in Sussex county at $3.17 per gallon. The most expensive is in Essex County at $3.36 per gallon.
There are still some off-brand fueling stations and members only clubs that are selling gas as low as $3 per gallon in New Jersey.