New Jersey Gas Prices Rise for Third Straight Week

  • New Jersey Gas Prices Rise for Third Straight Week

New Jersey Gas Prices Rise for Third Straight Week

AAA reports that the national average gas price was $2.31 on Sunday, compared to an average of $2.08 in Tennessee. A gallon costs 4.2 cents more than one week ago, 3.6 cents more than one month ago and 19 cents more than one year ago. It's the second consecutive week of increases in MI.

AAA officials say by the end of August, prices could surpass the current national high of $2.72 a gallon. The highest was about $2.52 in the Grand Rapids area.

The average price in OH was $2.30 early Monday, making it the 24th most-expensive state in the country for gas.

Meanwhile, GasBuddy.com's gas price heat map showed that while a majority of tricounty retailers had hiked prices well above $2.20, prices at a few stations still hadn't caught up.

The price per barrel of crude continues to push higher, with West Texas Intermediate approaching the $50 line on Monday after increasing 67 cents to hit $49.71 on Friday. The least-expensive averages could be found in Pensacola ($2.24), Tallahassee ($2.25), and Fort Myers-Cape Coral ($2.27).

"The rise in oil has come due to unrest and concern over the political outlook in Venezuela, a major supplier of crude oil to the USA", says DeHaan.

In addition, US oil inventories have declined by more than 50 million barrels since March. Consumer demand for gas rose to its highest level since Memorial Day during the week beginning July 21, AAA said. "Add on top of it USA oil inventories that have declined over 50 million barrels from March and you have a recipe for a continued rally in gasoline prices in much of the country".