Gas Prices Pass $4 in NJ, Headed for $5?

Gas prices are nearing an average of $4.00 per gallon in New Jersey. In some areas, they have already topped that mark.

According to AAA, the average price is $3.89.

In the past few days, pump prices have spiked as much as 20 cents per gallon for regular.

Social media posts have pegged gas at $3.99 at a Wawa in Manchester and a Lakewood Sunoco.

Depending on the size of your gas tank, your morning fill-up could cost upwards of $46.00. If you drive an SUV, it could be $70.00 or more.

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The most expensive gas in New Jersey is currently being sold in opposite ends of the state. Newark and Cape May have the highest average prices. Trenton gas stations are not far behind.

If you think you could save a few bucks by driving over the Delaware river to Pennsylvania, think again. Prices in PA has already topped $4.00.

The price spikes are being driven by a number of factors. Inflation is one, but the cost of oil has also been rising sharply due to the Russian invasion of Ukraine.

On Thursday, U.S. oil prices hit the highest level in nearly 14 years, trading at over $116 per barrel.

Industry analyst Patrick De Haan of GasBuddy.com tweeted drivers should prepare for $5.00 per gallon "in the next few weeks."

Legislation to allow pump-your-own gas in New Jersey has taken on a new sense of urgency, although the exact impact on prices remains unclear.

A proposal to create a "gas tax holiday" on the federal level is being met with skepticism. House Speaker Nancy Pelosi cautioned there was no guarantee oil companies would pass the savings onto consumers.

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