Experts say NJ gas price increase is mostly due to the season and not a fuel shortage
Increased demand for gasoline and the upcoming Memorial Day holiday means that the United States is seeing some of the highest gas prices in years.
In many areas of New Jersey, the average price for fuel is above $3 per gallon. Experts say that the current numbers have been steady for the past few weeks and that there haven't been big price increases.
After Colonial Pipeline announced a shutdown because of a cyberattack on Friday, there was a growing concern from motorists about possible supply interruptions.
New Jersey residents should rest assured that the state’s fuel supply is holding steady.
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“I got three cars, so I filled them up right away,” says Joshua Shields, of New Brunswick.
Experts say panic buying likely added to the fuel shortage seen in other parts of the country. It may have also caused longer lines and small price increases in New Jersey. However, New Jersey was never in danger of a shortage
“All of our tanks are full. If you drive along the [New Jersey] Turnpike and you see those big white tanks that everyone is accustomed to seeing – every one of them holds 3 million gallons of product of one kind or another,” says New Jersey Gasoline-Convenience-Automotive Association executive director Sal Risalvato.
Risalvato says that there is a telltale sign that fuel supplies are dwindling.
“Normally when there's going to be a supply crisis or interruption of any kind…the price goes up 10 cents, 15 cents, I've even seen 20 cents, in a day,” he says.
He says that with the Memorial Day holiday weekend just a few short weeks away, New Jerseyans can expect to see an increase in gas prices.
Historically this is the time of year where gas prices go up because it is the start of the summer driving season and gas stations switch over to summer blend fuels which are more expensive.