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Gas Prices are Going Up in New Jersey [AUDIO]

Prices at the pump have been holding steady since the spring in New Jersey, but that’s now changing.

Unseasonably High Gas Prices Suggest Year Of Escalating Prices
Joe Raedle, Getty Images

“You’ll definitely see retail prices probably move up 10 or 15 cents within a short period of time now,” says The Chief Oil Analyst for GasBuddy.com, Tom Kloza.

He points out unrest in Egypt, and a surge in demand for gasoline here at home in recent weeks, has pushed up the price of oil, and that’s moving gas prices higher.

There is some good news, however.

“If we don’t get any damaging hurricanes this summer into the fall, I think we’re going to see prices drop in the last 100 days of the year,” says Kloza. “Whatever you pay, let’s say in the next couple of weeks, will be significantly higher than what you pay in October, November and December.”

Lowest Gas Prices in New Jersey
New Jersey Gas Prices provided by GasBuddy.com

The wildcard in all this is what happens for the next few months during hurricane season, but Kloza points out we usually do not get a damaging storm that affects refineries in the Gulf of Mexico. It’s the exception rather than the rule – so hopefully, the same scenario will play out this year.

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