Shortage of supply and high oil prices are driving gas prices in New Jersey sharply higher, and that may be the trend for the foreseeable future.
The average gallon of regular gasoline statewide was $3.93, according to the AAA.
New Jersey is trending well above the national average of $3.78.
Analysts Patrick de Haan of GasBuddy.com says 27 states saw a weekly increase. It is reported that the average price in the United States is $3.64.
Garden State drivers pay about 8 cents more than a week ago, and 40 cents more than we were paying at the beginning of October.
Somerset County, which typically has the highest prices in the state, now averages over $4 per gallon.
Analysts at AAA blame supply tightening and oil price volatility for upward pressure on gasoline prices, and warn that “pumping prices may continue to increase if supply remains tight along with higher oil prices.”
Since last Thursday, New Jersey has seen some of the sharpest gas cost increases in the country of more than 20 cents per gallon, according to the AAA.
Eric Scott is Senior Policy Director and Broadcaster for New Jersey 101.5. You can reach him at [email protected]
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What is the average cost of a NJ home? Average prices by county
Everything costs more these days – and housing is certainly no exception in New Jersey.
Data for 2022 from January to August, compiled by New Jersey Realtors, shows that South Jersey has seen homes appear on the market and sell in less than a month, on average.
Average single-family home prices reached $500,000 and up in nine counties in North and Central Jersey.
All but two counties have seen home prices rise above list price, on average, this year.