New Jersey Gas Prices Rise Sharply
Motorists are seeing sharply higher prices at the pumps in New Jersey.
AAA Mid-Atlantic says the average price of a gallon of regular gasoline in New Jersey on Friday was $3.42, up 7 cents from last week. But that's still lower than the price from a year ago, when motorists were paying $3.46.
Meanwhile, the national average price also rose by 7 cents to $3.55. That's also much higher than the national average from a year ago, when motorists were paying $3.38.
Analysts say gas prices could continue to rise in coming weeks, as the summer driving season heats up and consumer demand grows higher.
Crude oil prices have also been rising, and analysts are concerned about unrest in Egypt and north Africa.
“After several months of declines, it is quite possible that we have seen gas prices reach their seasonal low,” said Tracy Noble, spokesperson for AAA Mid-Atlantic. “Experts are warning motorists to brace themselves for what could be sticker shock at the pump in the weeks ahead.
A combination of higher wholesale gas prices, an increase in summer demand and concerns about instability in Egypt and North Africa has already sent prices higher in the past week, a trend that could continue through the remainder of summer.”
Price will likely continue to climb this coming week heading into the $3.60 to $3.70 per gallon range, according to Tom Kloza, chief oil analyst for OPIS and AAA gas price partner. Gas prices peaked so far for 2013 on Feb. 27 at $3.79 per gallon and were last above $3.65 per gallon in May.
The Associated Press contributed to this report