Gas prices are spiking, and the increase in New Jersey this month has been 1.7 cents more than nationally, despite an 8.3 cent cut in the state gas tax.
Gas stations had to clear out inventory bought at the old tax rate and don't get refunds on it. Now higher crude oil and wholesale prices will negate any drop.
It’s not just me right, you’ve noticed gas prices on the rise too? The cynic in me says, “well sure they are, it’s summertime”. Factor in the price of crude oil, supply and demand during the summer months, and the different blend of gasoline prepared for the hotter climate. Another layer to that math, is the increase of vehicles on the road in New Jersey, now that our state has opened up in this next chapter of covid19. As the vaccination efforts continue, residents are feeling more comfortable taking road trips and family vacations
Gasoline prices have been rising rather steadily over the course of the last few weeks in New Jersey as the weather warms up and more folks appear comfortable with hitting the road in the face of COVID-19.