NJ gas prices continue to set new record highs
The average price of a gallon of regular gas set a new record high in New Jersey on Sunday as pump prices surged past $4.00 per gallon.
That record was broken Monday morning.
Up eight cents from Sunday, prices are now averaging $4.17 per gallon, and are even higher than that in many locations around New Jersey.
Prior to Sunday, gas prices had never topped an average of $4.00. According to AAA, the previous record was $3.99 and that was set in 2008.
Oil prices continue to skyrocket, topping $130 per barrel over the weekend. Oil prices are being driven to new highs as a result of the ongoing war between Russia and Ukraine. The conflict has roiled world and U.S. markets.
Market analyst Patrick De Haan at gasbuddy.com is predicting gas will hit $4.55 as a national average this week, based on the current price of oil.
Some parts of the country have already seen pump prices surge past $5.00 per gallon. In California, prices are now averaging $5.34 a gallon.
In New Jersey, we were paying $2.87 per gallon just a year ago.
If you are thinking of crossing state borders to try and save some money, don't bother. In neighboring states, prices are just as high as New Jersey or higher.
New York is averaging $4.26, Pennsylvania is averaging $4.23 and Delaware is at $4.10 per gallon.
Meanwhile, the head of the New Jersey Gasoline, C-Store, Automotive Association is defending Lukoil stations in New Jersey.
Some drivers have been boycotting the Lukoil brand because it is Russian owned and in an effort to support Ukraine.
The Newark City Council is supporting such a boycott.
Executive director Sal Risalvato says “most if not all” of the Lukoil stations in New Jersey are independent franchises and are not managed or operated by the Russian corporation.
Risalvato says they don't even get their gas from Russia, it comes from U.S. suppliers.
A boycott, he says, is harmful to small business owners and could potentially put 1,200 people out of work.