Gas Prices Rise in NJ After Months of Decline
Supply shortages have finally caught up with the gasoline market in New Jersey.
Coupled with higher demand for fuel, prices have started rising again after more than three months of steady decline.
The average price for regular gasoline moved up a penny from Thursday to $3.41 per gallon, according to AAA.
Prices peaked in new jersey at $5.05 per gallon for regular gas last June and had been declining ever since.
On the West Coast, the price spikes have been quick and dramatic.
"The regional differences in gas prices are stark at the moment, with prices on the West Coast hitting $6 a gallon and higher, while Texas and Gulf Coast states have prices dipping below $3 in some areas.” said Andrew Gross, AAA spokesperson. “At least six California refineries are undergoing maintenance, and there is limited pipeline supply to the West Coast from locations east of the Rockies.”
Despite the end of the Summer driving season, demand for fuel has been increasing. Gulf Coast refineries were taken off-line due to Hurricane Ian, and while most have come back on-line, the means to get the fuel into Florida and up the East Coast has been damaged.
Analyst Patrick De Haan from GasBuddy.com does not think we will see as big of a price increase as California but believes the increases will continue for the next few weeks.
De Haan says prices "could rise 10-25 cents in the next couple of weeks."
New Jersey is paying, on average, 40 cents less per gallon than a month ago.
Before the increases began, we were approaching prices near to what we were paying a year ago.