⛽ The average pump price in New Jersey is up 11 cents in a week

⛽ High crude prices may be one reason for the jump

⛽ A leak in the country's biggest gas pipeline may also be a reason


The price at the pump has jumped 10-15 cents in New Jersey over the past week and likely isn't coming down.

AAA's survey of gas prices in New Jersey shows an average price of $3.10 per gallon as of Monday. A week ago the average was $2.99.  The price matches the average a year ago when it was $3.07 per gallon.

The spike can be blamed on the price per barrel of oil despite a drop in demand. The price per barrel of oil is $80, AAA says.

The Energy Information Administration said gasoline demand fell from 8.48 million barrels per day last week to 8.32 this week.

“Global oil prices have surged due to strong winter heating fuel demand and new U.S. sanctions against Russia’s energy sector. Oil costs account for 56% of what you pay at the pump. So, more expensive oil leads to more expensive gas," AAA spokesman Andrew Gross said in a statement.

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Map shows route of the Colonial Pipeline
Map shows route of the Colonial Pipeline (Colonial Pipeline Company)
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Pipeline leak

Current prices will be a bargain compared to the 25-75 cent per gallon increase Gas Buddy analyst Patrick DeHaan expects by Memorial Day. But it's not unexpected.

"The anticipated rise I mention happens every spring and is not the result of any presidential action, but the seasonality that many misunderstand," DeHaa wrote on his X account.

One other factor could be a leak in the Colonial Pipeline's Line 1, the largest in the country, which brings gasoline from Houston to Greensboro, North Carolina, and continues north, according to Pipeline & Gas Journal.

The leak developed in Paulding County, Georgia, on Jan. 15 and was repaired by Friday. Colonial did not disclose a reason for the leak.

U.S. fuel distributor Mansfield told Pipeline & Gas Journal that supply tightened in some areas while repairs were made.

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