After a brief respite in March and early April, gas prices again rose last week, jumping 12.2 cents per gallon, to an average of $4.20/g.
The latest figures come from GasBuddy’s survey of 3,525 stations across New Jersey. Prices are now 5.1 cents per gallon higher than a month ago, and $1.28/g higher than just a year ago. Late last week, diesel prices reached a new average all-time high of $5.16/g, surpassing the previous record of $5.15/g set on March 10. The national average has risen nearly 7 cents per gallon in the last week to $4.17/g.
The trends add another layer of economic stress for households — and businesses — to wrestle with, especially entering the peak driving season of the year.
“Gasoline prices have continued their rally in the last week with oil prices sustaining higher levels, but the real story has been diesel fuel, which has skyrocketed to its highest level ever seen. Diesel is now $1 per gallon or more in many areas compared to gasoline,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The meteoric rise in diesel prices could continue to see a slow but steady rise. For now, the rising cost of diesel will surely be felt in the grocery store, hardware store or on your next flight as jet fuel prices accelerate, leading to a continued rise in inflation likely to ripple across the economy.”
According to the GasBuddy reports, the cheapest station in New Jersey was at $3.82/g versus the most expensive at $5.99/g.
And just for some historical context, last year the average in New Jersey was $2.92. The last time gas prices were even more than $3/g at this of the year in the state was back in May 2014, when the average price was $3.54/g.