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New Jersey Weekly Fuel Price Update Prior to Gas Tax Increase delivers its weekly retail gasoline price average in New Jersey prior to the state’s gas tax increase of 23 cents per gallon, which goes into effect at midnight. In the past week, gas prices have fallen 0.6 cents per gallon, averaging $2.02/g yesterday, according to the organization’s daily survey of 3,525 gas outlets in the state. This compares with the national average that has fallen 2.0 cents per gallon in the last week to $2.20/g.

Including the change in gas prices in New Jersey during the past week, prices yesterday were 10.1 cents per gallon higher than the same day one year ago and are 5.2 cents per gallon higher than a month ago. The national average has decreased 1.9 cents per gallon during the last month and stands 2.8 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on October 31 in New Jersey have ranged widely over the last five years:
$1.92/g in 2015, $2.82/g in 2014, $3.12/g in 2013, $3.53/g in 2012 and $3.30/g in 2011.

Areas nearby New Jersey and their current gas price climate:

  • Trenton- $2.04/g, down 1.7 cents per gallon from last week’s $2.06/g.
  • Philadelphia- $2.34/g, down 1.5 cents per gallon from last week’s $2.36/g.
  • Toms River- $2.01/g, down 0.6 cents per gallon from last week’s $2.02/g.

“Late last week OPEC members further discussed the unilateral production cut they hope to reach by the end of November and conflicting reports raise significant challenges to any consensus.  But, just that possibility continues to be a dominant factor in the direction of global crude oil prices and retail gasoline prices too,” said Gregg Laskoski, senior petroleum analyst for GasBuddy.

“Through October we saw the benchmark WTI crude gradually rise from the mid-$40s and we also saw a streak that began in July 2014 –with the U.S. average price of gas positioned lower than the previous year for 119 consecutive weeks– end last week,” Laskoski added.

“Overall, market fundamentals suggest little price movement and perhaps just a nominal decrease in pump prices to begin November, with wholesale gasoline prices trending lower in recent weeks,” he said.

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