Gasoline prices in New Jersey increased sharply by 36 cents over the past week, reaching a statewide average of $4.336 per gallon for regular fuel as of Friday, according to AAA’s fuel price tracker on May 1. The national average also rose by 33 cents to $4.392 per gallon during the same period.
The recent surge in gas prices is affecting both consumers and businesses across New Jersey. Essex County and Cape May County recorded the highest averages at $4.406 and $4.401 per gallon respectively, while Salem County and Warren County had the lowest at $4.277 and $4.285 per gallon.
Compared to a year ago, gasoline prices statewide are now $1.329 higher; last year at this time, regular gas cost an average of $3.007 per gallon in New Jersey. Nationally, drivers are paying about $1.12 more than they did a year ago as oil prices have climbed above $100 a barrel amid ongoing disruptions to global supply routes.
Business owners operating commercial trucking fleets are seeing even steeper increases in diesel costs: In New Jersey, diesel averaged $5.673 per gallon on Friday—$2.079 more than last year—while the national diesel average reached $5.572 per gallon, up by just over two dollars from last year’s price.
Iran’s move to cut off transit through the Strait of Hormuz in March has played a significant role in these rising costs by disrupting oil supplies worldwide; typically around 20 million barrels pass through this strait daily—representing about one-fifth of global petroleum supply.
The New Jersey Business and Industry Association serves as the nation’s largest statewide employer association representing employers across various sectors according to its official website. The association advances competitive excellence and financial success for its members while delivering essential information and services according to its official website. Michele Siekerka is president and chief executive officer according to its official website. NJBIA supports private-sector employers throughout New Jersey according to its official website, facilitates partnerships among businesses, government entities, and academic institutions according to its official website, and offers advocacy along with practical information and cost-saving benefits for business prosperity according to its official website.
