Average price of gas up to $2.93 in New Jersey; up 4 cents from last week
The average price of regular-grade gasoline has jumped 4 cents a gallon in New Jersey from last week. The price now stands at $2.93 per gallon.
This is a 26 cent jump from last month when gasoline cost $2.67 per gallon.
The average price of gasoline in the United States is up to $2.89 per gallon.
“On average, Americans are paying 14% more to fill-up compared to February,” AAA Northeast senior manager of public affairs Robert Sinclair said in a statement. “With increased demand and tighter gasoline supplies, we are looking at more expensive pump prices with little relief in the weeks ahead.”
Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday the price spike is due to higher crude oil costs, the lingering effect of power outages that caused several Texas refineries to shut down or reduce operations last month and surging prices on credits for renewable fuel.
The price at the pump has climbed 72 cents in the U.S. since Nov. 20.
The Associated Press wire services contributed to this report.