🚗 Prices at the pump will soon start going up

🚗 How high will they go?
🚗 Demand for gasoline is 15% to 20% lower than it used to be

Prices at the pump in many parts of New Jersey continue to hover around $3 a gallon but they could soon start to go up.

Tom Kloza, the global head of energy analysis for the Oil Price Information Service, said demand for gas is still not very strong right now. But starting in April and going to Memorial Day, “you’re going to see increases that maybe take you up to a Major League batting average of $3.40 or $3.50, something in that neighborhood.”

He said in the coming weeks, “you’ll see an increase of about 15 to 30 cents, mostly in April and early May.”

Natnan Srisuwan
Natnan Srisuwan

Drive south, find even cheaper gas

He said prices in New Jersey will top off around $3.50 a gallon but “if you travel to the Southeast you’ll probably be able to find $2.99.”

Kloza said by the time we get to the end of May “prices will tend to sort of waffle around or drop by 10% or 15% so year on year this is going to be a great year for savings versus 2022 numbers.”

He noted China is reopening from the pandemic lockdowns and that will increase the use of oil worldwide but demand is 15 to 20% below what it used to be and we do not expect gas prices to shoot up into the $4 to $5 a gallon stratosphere.

At the Gas Station

Plenty of supplies

“I think refiners will have plenty of gasoline to get through the driving season and high prices will not be an obstacle to people driving down the shore or taking a trip this summer.”

He said that once we hit mid-summer, prices will tend to drift lower “and then you worry about a hurricane in August that could shut down refineries.”

David Matthau is a reporter for New Jersey 101.5. You can reach him at david.matthau@townsquaremedia.com

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