New Jersey gas prices top $5 a gallon for first time ever
Gas prices in New Jersey topped greater than $5 a gallon for the first time ever on Tuesday — as prices proceed to soar to information highs throughout the nation.
A gallon of normal unleaded now prices drivers within the Garden State a mean of $5.019, in accordance with the American Automobile Association.
The common gas worth in New Jersey has surged about 12% from final month when it was $4.421 a gallon. This time final year, New Jersey residents had been paying a mean of $3.061 on the gas pump, the AAA mentioned.
In New York, the common gas worth was $4.88 per gallon as of Tuesday — down 4 cents from final week however nonetheless 43 cents larger than a month in the past, the AAA mentioned.
The common gas worth within the Empire State remains to be 2 cents larger than the present nationwide common.
Demand for gas surged final week within the wake of Memorial Day weekend journey, in accordance with the AAA. It brought on the nationwide common for gas to spike 25 cents in only one week to hit $4.86.
“People are still fueling up, despite these high prices,” mentioned Patti Artessa, AAA Northeast Regional Director of Public and Government Affairs, in a assertion.
“At some point, drivers may change their daily driving habits or lifestyle due to these high prices, but we are not there yet.”
Other states which have already handled greater than $5 per gallon in latest weeks embrace Washington, Oregon, Nevada, Illinois, Alaska and Hawaii.
Analysts have additionally forecast that extra states may hit the $5 per gallon common by the July 4 vacation as demand is anticipated to surge even excessive — whilst provide stays tight.
Various elements have contributed to the hovering gas prices — which had been $3.04 per gallon on common a year in the past — together with a sturdy rebound from COVID restrictions, disruptions within the international oil market and Russia’s invasion of Ukraine.
