Gas Prices Continue To Climb

STATE – As the average price of gasoline in New Jersey approaches $2.50 per gallon for regular serve, many motorists are wondering when the state will reach its summer price peak.

The state’s average gallon has risen steadily since April 9, when the price stood at $1.87. Since that date, the state’s average gallon has gone up or held steady every day.

Since Jan. 1, 2009 – when the statewide average was $1.47 – the state’s average gallon has increased by nearly 67 percent.
Increasing oil prices have pushed the price per gallon at the pumps up.

Trading for the commodity hovered near $72 a barrel last week on signs demand could be increasing and recent federal government reports that U.S. inventories had fallen much, much lower than expected.

“If the present trend continues – higher or stable oil prices – we’re looking at prices between $2.50 and $2.80 per gallon throughout the summer in the Garden State,” AAA Mid-Atlantic spokesman David Weinstein said.

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