As New Jersey drivers traveled over Mother’s Day weekend they continued to feel the sting at the pump, with average gas prices surging 25 cents per gallon over the last week alone, averaging $4.45 a gallon.
The trend is a concerning one, after a brief early spring respite, as we head into the peak driving season for both the cost of fuel and the cost of goods.
Overall, New Jersey’s gas prices are 37 cents per gallon higher than a month ago and $1.45/g higher than a year ago. That jump outpaces even the national average, which has seen an increase of 13.6 cents per gallon in the last week, averaging $4.31/g. The national average is up 19.6 cents per gallon from a month ago and stands $1.36/g higher than last year.
Diesel prices also continue to explode, rising 22.6 cents nationally in the past week, currently averaging at $5.518 per gallon.
“Gasoline and diesel prices alike saw strong upward momentum last week as oil prices continued to climb after the EU signaled its desire to sanction Russian oil. In addition, U.S. petroleum inventories saw yet another weekly decline as we near the start of summer driving season,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Not only are diesel prices at a record high, they are at their largest differential to gasoline on record, surpassing the 98-cent difference in 2008 and currently standing at a $1.20 per gallon premium.”
According to GasBuddy data, the cheapest New Jersey station over the weekend — May 7 and 8 — was priced at a whopping $4.05/g, while the most expensive was $5.97/g, a difference of $1.92/g.
“While motorists filling with gasoline have seen a slight rise in prices, diesel’s surge will be a double whammy as diesel prices will soon be passed along to retail channels, further pushing up the cost of goods,” De Haan said.