HAMILTON — According to a Feb. 4 release from AAA, gas prices in New Jersey reached an average of $1.75, climbing more than 24 cents in a month, an upward trend that has people wondering “why?”
The demand for fuel is weak, Americans are driving fewer miles, and the price of oil is hovering around $40.00 per barrel, yet the price per gallon is on the rise, the release stated.
The reason: Gasoline refiners have been severely cutting back their output of gasoline either by design or due to “maintenance and operational issues”. Which has industry watchers who trade gasoline futures expecting that OPEC and U.S. refiners will be able to cut output enough to bring supply and demand into balance over the next few months.
Where does that leave us?
In New Jersey, $1.75 per gallon equates to:
• A price first reached on May 7, 2004 which started the upward trend of gasoline prices.
• A price that we did not see again until December 2, 2008, when gas prices took a dramatic turnaround from the record high of $4.00.
Nationally the price per gallon was $1.90 on Feb. 4, an increase of 23 cents since early January, but still $1.08 cheaper than last year.
A look across New Jersey Shows:
Price Feb. 4 Last Month Last Year
Atlantic, Cape May 1.74 1.46 2.84
Midsx, Smst, Hunt 1.76 1.50 2.86
Monmouth & Ocean 1.74 1.47 2.83
Newark Metro Area 1.75 1.50 2.27
Burlington County 1.74 1.49 2.82
Trenton Metro Area 1.77 1.53 2.90
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