NJ Gas Prices Likely to Hit $5/Gallon This Summer

After taking a pause before the long Memorial Day weekend, gas prices have resumed their march upward.

Nationally, the price for a gallon of regular gas has increased to $4.62.

In New Jersey, prices have dropped a fraction of a cent and are at $4.75 for regular. That is just two cents off the record high of $4.77 set on May 20.

Pump prices in New Jersey have increased by 55-cents in the last month.

Last year at this time, we were paying $3.05 for a gallon of regular.

Many analysts are predicting the national average will hit $5 per gallon this summer. With New Jersey trending high than the national average, we would hit that mark sooner and be higher than many other states.

The reason for the recent stabilization in gas prices had more to do with demand that the price of oil. Demand dropped, even as oil prices continued to rise. Demand is expected to increase as we move into the Summer travel season.

Several measures have been proposed in the New Jersey legislature to offer relief from high gas prices, but no formal action has been taken.

From rebates to tax credits and direct payments, there has been no shortage of talk about providing assistance, but not a single vote has been taken on any proposal.

Assemblyman Raj Mukherji, D-Hudson, is the latest to suggest a rebate. His legislation would provide New Jersey drivers up to an $800 direct payment. He has also proposed a three-month fare holiday for NJ Transit riders.