New Jersey Fuel Update and Outlook

On Mar 14, 2016

Average retail gasoline prices in New Jersey have risen 11.7 cents per gallon in the past week, averaging $1.68/g yesterday, according to GasBuddy’s daily survey of 3,525 gas outlets in New Jersey. This compares with the national average that has increased 11.9 cents per gallon in the last week to $1.93/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in New Jersey during the past week, prices yesterday were 55.2 cents per gallon lower than the same day one year ago and are 7.9 cents per gallon higher than a month ago. The national average has increased 23.9 cents per gallon during the last month and stands 50.2 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on March 14 in New Jersey have ranged widely over the last five years:

$2.23/g in 2015, $3.35/g in 2014, $3.52/g in 2013, $3.61/g in 2012 and $3.38/g in 2011.

Areas nearby New Jersey and their current gas price climate:

Trenton- $1.71/g, up 11.2 cents per gallon from last week’s $1.59/g.

Philadelphia- $2.01/g, up 11.0 cents per gallon from last week’s $1.90/g.

Toms River- $1.69/g, up 12.9 cents per gallon from last week’s $1.56/g.

“The cheapest gas prices of the year are now solidly behind us as the national average will soon again hit $2,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “The current upward trend is an unfortunate one that we witness every year, but the sudden jolt this time around has been enhanced by a 45% jump in the price of crude oil in the last month. The large jump in crude oil prices comes amidst record oil inventories, yet it’s the mere threat that oil supply could be slashed from OPEC and non-OPEC countries at the same time oil demand is growing driving prices higher. And while oil inventories sound staggering at over 500 million barrels, that number represents 26 days of US oil consumption, a rise of three days versus inventories a year ago. At the end of the day, we expect this rally in gasoline prices to run for another month or two before stalling out. Perhaps the best news? Motorists still could see the cheapest average summer gasoline prices in over a decade,” DeHaan said.

Related Articles: