New Jersey drivers can expect gas prices to keep rising this summer, due to increasing demand during the busy vacation season, according to a new report by Rowan University’s Sweeney Center for Public Policy.
Gas prices are largely driven by global supply-and-demand issues, primarily decreased oil production that hasn’t yet returned to pre-pandemic levels and the Russia-Ukraine war. Actions taken by the Biden administration to release a million barrels a day from the nation’s Strategic Oil Reserve have had little effect on prices.
Meanwhile, the risk of disruption to supplies due to the Russia-Ukraine war have increased the price of crude oil, both internationally and in the United States, even though Russian oil imports account for only a fraction of the American market.
“While you’re waiting in line to pay $60 to $90 to fill your tank, you can put the blame on everything from the pandemic and the Russia-Ukraine war to higher gas taxes, low production and high consumer demand,” according to the report’s authors. “Contrary to popular belief, it’s not just about gas taxes.”
A report by the Sweeney Center for Public Policy of Rowan University
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