Gas prices elevated heading into holiday weekend

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While gas rates fell a few cents over the past week, the previous lead-up of pump price increases has the current average at about $3.64 per gallon here in the Garden State, and nationally, as Labor Day Weekend approaches.

“For the first time in weeks, the national average price of gasoline has fallen over the last week as the wholesale price of gasoline had been under seasonal pressure as we near the end of the summer driving season,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “However, the drop may be short-lived, as one of the nation’s largest refineries partially shut last week after a fire at a storage tank, and as we see more tropical activity that could lead to further disruption.”

Prices in New Jersey are nearly the same as last month and roughly 27 cents per gallon lower than last year when fuel costs were constantly in the news, approaching $5 per gallon at some points. But, as De Haan noted, things have been ticking up over the past few weeks and months.

GasBuddy says that the lowest price in the state Aug. 27 was $3.35 per gallon, while the highest was $5.29 per gallon.

National fuel prices also dipped a few cents in the past week – now averaging about $3.78 per gallon, which is up nearly 6 cents from a month ago but 3 cents lower per gallon than a year ago.

The national average price of diesel has risen about 3 cents in the past week and stands at $4.33 per gallon.

De Haan stressed the disruption that tropical storm activity could cause on the fuel market, especially as Idalia bears down on Florida – expected to make landfall this week as a major hurricane.

“While GasBuddy is closely monitoring Florida for challenges related to Idalia and is prepared to activate the fuel availability tracker, the rest of the nation could see gas price declines reversing pending the outcome of refinery issues that continue to put upward pressure on wholesale gasoline prices,” said De Haan.

Flying instead?

If your holiday travel plans include a trip to Newark Liberty International Airport, you may be interested to know that the new $2.7 billion Terminal A is now fully operational. Click here to read the latest.