If you enjoyed cheaper gas over the past few weeks, don’t get used to it. Gas prices are back on the rise, reminding New Jersey drivers that $3 per gallon gas is the “New Normal” people like Governor Phil Murphy regularly talk about.
Gas prices in New Jersey have been a bit of a roller coaster recently. After a temporary drop of about 20 cents, bringing the cost below $3 per gallon, prices are starting to climb back up. As of early October, the average cost for regular unleaded in New Jersey is hovering around $2.98 to just over $3, depending on the region.
This recent fluctuation was driven by several factors, including fluctuations in crude oil prices and localized events like hurricanes. While the drop offered a brief reprieve for drivers, rising demand and maintenance issues at refineries are nudging prices upward again.
So, for now, it looks like $3 per gallon might be the new norm for the Garden State, at least for the foreseeable future.
Gas prices in New Jersey are creeping back up to around $3 per gallon, but they still remain significantly higher than they were during Donald Trump’s presidency from 2016 to 2020. Under Trump, gas prices in the U.S. generally ranged between $2.20 and $2.80 per gallon, with even lower dips in 2020 due to the pandemic-driven collapse in demand.
In contrast, since 2021, the price of oil has been subject to global supply chain disruptions, inflation, and geopolitical events, which have kept gas prices higher nationwide. At times in 2022, gas prices in New Jersey even soared past $5 per gallon during major supply crises.
So while drivers briefly enjoyed lower prices a few weeks ago, the current reality still feels expensive compared to the pre-2021 era.