Higher gas prices in NJ amid plentiful supply
The rise in gas prices — typical at this time of year in New Jersey — is continuing, as demand increases and we switch to a more expensive formula.
"I think gasoline is going to be plentiful once we get to the true driving season," Global Head of Energy Analysis Tom Kloza of The Oil Price Information Service said.
That'll be Memorial Day weekend through Labor Day."
"We've seen this movie before. The difference this year is the move is taking place probably about eight weeks early. You will see similar price increases between now and Easter Sunday."
Kloza says gas prices will probably peak around Easter at around $2.90 in Jersey, and actually decline going into Memorial Day.
"We're not going to go to that $3.30 $3.60 range which we saw from 2011 through 2014," he said. "The problem is that with the new shale crude it's very light and it yields a lot of gasoline. So gasoline is going to be kind of the unwanted hydrocarbon for a lot of refiners once we get into the actual summer."
He says prices rose faster this year because of increased refinery maintenance.