Gas Prices Keep Rising Slowly in New Jersey
Gas prices continue to creep upward in New Jersey, at an average of $2.37 a gallon right now, according to the AAA Auto Club. And that's up a nickel from a week ago.
Analyst Tom Kloza of The Oil Price Information Service said ne reason for the increase here is "you've got refineries in Linden, New Jersey, in Philadelphia, in Delaware City, and they are all having one sort of problem or another and those problems could persist awhile."
Other wildcards: "Venezuela, which looks pretty bleak at this point, and it looks as though we are not going to get any crude oil from them, though we are not going to get any crude oil from them through the rest of this quarter and next quarter. And then there is Iran, where if we really do implement a strategy again we are not going to let you export anything that never will see higher crude prices."
The good news, according to Kloza: New Jersey will not see the $3 mark by Memorial Day, the way we did a year ago.
"We peak somewhere around $2.75 or so, and I would say that that is probably sort of an increase to expect from New Jersey," he said.
Robert Sinclair of AAA Northeast said crude oil prices have continued their ascent in recent days, due to a growing belief that global supplies are tightening.
Kloza said you can forget about those $2.10s and $2.20s for now.