If you’re planning on hitting the Garden State Parkway, New Jersey Turnpike, or heading further from the Garden State this Labor Day weekend, expect record-high holiday weekend gas prices, AAA reports.
Gas prices are poised to hit historic highs this Labor Day weekend, with the national average reaching $3.83 per gallon, according to AAA and CNN.
This price is just a cent below the record set in 2012 of $3.84 per gallon under former President Barack Obama.
While the aftermath of Hurricane Idalia is still being assessed, AAA reports that pump prices have remained largely unchanged, declining by a penny to the current average of $3.82. Experts note that despite lower retail gasoline prices compared to last year, summer demand did not see the usual seasonal boost from vacation travel.
Andrew Gross, a spokesperson for AAA, stated that barring any significant disruptions caused by Hurricane Idalia, prices are likely to stay around the current level through the holiday weekend.
Energy Information Administration (EIA) data shows that gas demand increased marginally from 8.91 to 9.07 million barrels per day last week.
Concurrently, total domestic gasoline stocks dipped to 217.4 million barrels. Despite the slight uptick in demand, fluctuating oil prices have kept pump price increases in check.