Gas Prices Continue To Climb

AAA Mid-Atlantic says the average price of regular gasoline in New Jersey on Friday was $3.72, up 4 cents from last week. That’s also much higher than it was a year ago, when motorists were paying $3.40.

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Meanwhile, the national average price rose 4 cents and is now $3.93. That’s also much higher than the national average from a year ago, which was $3.61.

The price boost marks the seventeenth straight week that gas prices have risen in New Jersey.

Analysts say the rising prices are mostly due to continuing tensions in the Middle East, along with continued signs of an improving U.S. economy.

According to AAA, “Gas prices are within pennies of last year’s high ($3.98 per gallon) and the all-time high of $4.l1 set nearly three years ago,” noted Tracy Noble, spokesperson for AAA Mid-Atlantic. “It’s likely we’ll see $4.00 per gallon gas in the coming days, with the potential to set a new record high.

In the Mid-Atlantic region, gas prices could continue to climb through June if a potential Sunoco refinery closure in Philadelphia significantly tightens supplies of gasoline along the East Coast.”

The Associated Press contributed to this report.