TOMS RIVER, NJ – After promises by the federal government to stabilize gas prices earlier this year, gas prices in New Jersey have risen 60 cents in just six months. In President Joe Biden’s State of the Union speech in February, he boasted about reduced gas prices.
“Here at home, gas prices are down $1.50 a gallon since their peak,” the President remarked.
Since that day, prices have increased by 60 cents, cutting the post-pandemic price drop nearly in half.
In February, the price of regular gasoline in New Jersey was $3.17, according to GasBuddy.com.
Today, the average cost for a gallon of regular gasoline at the Jersey Shore is $3.75.
The national average for gas in America is $3.82, and experts predict we can soon see $4 per gallon prices at the pump shortly. In June of 2022, gas prices reached a record high nationwide of $4.62 per gallon.
There’s more bad news in store for New Jerseyans as the summer ends. Crude oil prices have jumped from $70 per barrel to $80 per barrel in recent weeks. Analysts expect the price per barrel could peak in the $95 range. On top of that, Saudi Arabia has embarked on Vision 2030, a plan to boost the company’s finances by increasing the price of crude oil to the world.
President Joe Biden, who has boasted about reigning in the price of gas could be facing a major problem in the 2024 election if Americans are once again paying over $4 per gallon at the pump.