Toms River, NJ – Gas prices across New Jersey are back on the rise with some stations in the Jersey Shore area charging as much as $3.40 per gallon. According to GasBuddy.com, the average price in New Jersey rose nearly 15 cents in the past seven days to around $4.25 per gallon.
Prices since last year across the state have increased by more than $1.28. Although you can find gas for as low as $4.15 at some stations across Ocean and Monmouth Counties today, many are climbing and now above $4.20.
Diesel gasoline has also reached record levels in May.
Diesel prices today reached a new average all-time high of $5.16 per gallon, surpassing the previous record of $5.15 per gallon set on March 10, according to GasBuddy, the leading fuel savings platform providing North American drivers with the most ways to save money on gas. In addition, a second record has been set: diesel prices are now $1 per gallon higher than gasoline prices, surpassing the previous record 98 cent difference set in November 2008.
Last Month, Los Angeles, became the first major city in the U.S. to reach an average gas price of $6 or more, according to GasBuddy, the leading fuel savings platform saving North American drivers the most money on gas. The national average gas price in the U.S. has begun to decline since its peak of $4.35 per gallon, set on March 10, but prices on the West Coast, and specifically California, have continued to soar. according to GasBuddy.
“While gasoline prices get much of the attention, diesel, which broadly is the fuel that moves the economy, has quietly surpassed its recent record high as distillate inventories, which include diesel and jet fuel, have plummeted to their lowest level in years,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Should distillate inventories fall another five million barrels, which is less than five percent, they will be at their lowest level in nearly 20 years, compounding the problem. There’s no quick solution as the economy has seen a robust turn around, made worse by Russia’s war on Ukraine as the West fences off Russia’s oil.”
“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,” Haan said about the most recent spike. “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.”