NJ fuel prices back in record territory
Gasoline and diesel prices are climbing back into record territory, up 33-cents per gallon in a month.
The average price for a gallon of regular gas rose above $4.40 per gallon over the weekend and is now at $4.45. According to AAA, that is a new record.
A week ago, regular gasoline was selling for $4.23 per gallon. One month ago, it was $4.12. One year ago, prices has just risen above $3 per gallon.
Five New Jersey counties are seeing average prices for regular gas topping $4.50 per gallon: Atlantic, Cape May, Essex, Ocean and Somerset.
The cheapest gas, on average, is in Sussex County, with an average of $4.36 per gallon.
Prices for Diesel fuel are continuing on their record setting pace. Up nearly one-dollar per gallon in a month, diesel is now averaging $6.21 a gallon in New Jersey. That is nearly double what truckers were paying last year at this time.
The new record prices come even as demand for gasoline continues to drop.
Oil prices are the biggest driver of the price increases. Above $100 per barrel for months, oil is trading at $108 as of Monday morning. Prices for oil on the world market remain the highest since 2014 and remain the primary driver of gasoline prices.