Ukraine. Sanctions. The coronavirus. Memorial Day travel. Whatever the reasons, gas prices are ticking up to record highs in New Jersey and across the nation.
But there are ways to save in the weeks ahead and get the most out of your summer travel budget, say financial experts and travel industry officials.
Figures by AAA showed the average gas price in New Jersey was $4.49 a gallon as of Wednesday, when crude oil prices fell just below $100 a barrel. The average cost of a gallon of gas in New Jersey was $4.08 one month ago, and $3.03 this time last year.
As of Wednesday, the average gas price was $4.46 a gallon in Bergen County, $4.47 in Passaic County, $4.40 in Sussex County, $4.54 in Essex County and $4.51 in Morris County.
New Jersey’s gas prices hit their last major spike in September 2013 when they were $3.88 a gallon, according to GasBuddy.com data. That would be a record-high $4.90 after adjusting for inflation.
Gas prices will continue to rise going into summer, as more travel fuels demand and drives up costs, said Robert Sinclair, public relations manager for AAA Northeast.
While there’s a good chance gas won’t hit $5 a gallon “at this point,” there’s reason to believe that “this summer is probably not going to be a good one if you’re a motorist,” said Patrick De Haan, head of petroleum analysis at GasBuddy.com.
With the potentially pricey Memorial Day and summer travel season just weeks away, the personal-finance publication…
