TRENTON, NJ – As summer is well underway in New Jersey, vacationers heading to the Jersey Shore can expect more of the same at the gas pump as they experienced last year.
Jared Bernstein, Chair of the Council of Economic Advisers, recently emphasized the stabilization of gas prices over the past year during his discussion on the current economic climate. Despite fluctuations, the price per gallon remains at $3.58, mirroring the rate from a year ago, according to the latest data from the Transportation Research Institute for American Assets (TRIAA).
When President Joe Biden assumed office, gas was significantly cheaper at $2.17 per gallon, highlighting the sharp rise to today’s price. Bernstein acknowledges the financial strain still felt by families but points out the importance of noting the stable price point as a reflection of the administration’s efforts to manage economic pressures effectively.
“Gas and food prices, while still too high, have been relatively flat in terms of gas—same price now as it was a year ago—and have slightly decreased for groceries in the last month by 0.2%,” Bernstein explained. This statement aligns with the administration’s broader economic strategy, focusing on providing relief where possible amidst global economic challenges.
Bernstein, who has served under the Biden administration since January 20, 2021, and recently took over as the Chair of the Council of Economic Advisers on July 10, 2023, continues to advocate for policies aimed at supporting workers and managing inflationary pressures effectively.