New Jersey Gas Prices Surge to $3 Per Gallon; Is $4 Next?
Escalating gas prices are one thing. $3 per gallon is another. $4 per gallon is absolutely alarming! Let's take a look at what's happening with gas in New Jersey and what it means to you.
Last month I shared with you that gas prices had begun to rise sharply in Ocean and Monmouth counties and throughout New Jersey. As of February 16th of 2021, AAA showed the national average for a gallon of regular gas was $2.519 and in New Jersey, it was $2.676. Well, today (March 23rd of 2021) that number has risen ever more dramatically. Nationally it's $2.877 and in our great Garden State, it is $2.956. That's quite a jump of 28 cents or 10% in roughly 5 weeks.
As I look at GasBuddy, there are several gas stations along the Jersey Shore hovering over $3. That's a 36% rise from 1 year ago. Unbelievable! Why? Americans, thankfully, are feeling more optimistic and getting out and driving about. In addition, the price of crude oil has gone up as there have been outages at refineries due to severe cold weather.
Ultimately, high gas prices have a bad effect on the entire economy. It costs you more to buy food and other goods because the transportation of them costs more. AND...I can't afford the higher costs for anything! In this article, I break down the negative ramifications. My hope is that we can get that oil production back up and turn those gas prices back down.