Sorry New Jersey, But Gas Prices Are Going Up Yet Again
It's not even the holiday season yet and gas prices in New Jersey are absolutely outrageous.
We can all agree that 2021's gas prices are the highest they've been in years. According to the AAA gas price analyzing tool, New Jersey is currently sitting at around $3.42 for a gallon of regular gas while premium is almost up to $4. To be completely accurate, the average cost of a gallon of premium gasoline in the Garden State is currently $3.93.
Apparently, New Jersey residents on average are paying about $17 more dollars to fill their tanks this year compared to last. Unfortunately, it doesn't look like residents will see any relief anytime soon either. So much for that lowered gas tax in early October 2021, right?
So, what exactly is to blame for these staggering gas prices? Quite frankly, it's a simple issue of supply and demand. The bottom line is that the various supplies of oil just aren't there. They're not what they once were and therefore can't keep up with the demand. Since the price of crude oil in and of itself has increased, there's really no way around how it's impacting our pockets.
App.com reports that investors who once had no problem putting their money into oil investments are not only now hesitant, but also have people advocating for climate change in their ear. So, the money once getting dumped into the industry just isn't there as countries (including the United States) set new fossil fuel limits which obviously significantly limit the possible return on investment.
The experts say New Jersey may finally see prices let up towards the end of the year, however, there is a chance residents won't see gas prices drop until early 2022.