The national average price for a gallon of regular gasoline rose nearly 27 cents over the past week, climbing to $3.25, according to AAA.
Rising crude oil prices tied to conflict in the Middle East have pushed oil into the mid-$70-per-barrel range, contributing to the increase.
In New Jersey, the average price reached $3.13 per gallon, up 22 cents from the previous week and 14 cents higher than the same time last year, according to a weekly report by AAA.
The price in the Trenton area averaged $3.15 per gallon.
Gasoline prices typically rise in the spring as demand increases and refineries transition to producing summer-blend gasoline, which is more expensive to manufacture.
The last comparable weekly increase occurred in March 2022 at the start of the Russia-Ukraine conflict.
“Drivers have undoubtedly noticed a spike in prices at the pump this week,” said Tracy Noble, spokesperson for AAA Club Alliance. “Crude oil prices are rising due to the conflict in the Middle East, putting upward pressure on gas prices.
“A gallon of gasoline is made up of 50 percent to 60 percent crude oil. So as crude oil prices rise, gas prices will follow suit. In addition, this time of year demand increases and refineries begin the switchover to summer-blend gasoline, which is more expensive to produce.”
AAA reports that gasoline demand fell slightly last week from 8.73 million barrels per day to 8.29 million, while total domestic gasoline supply declined from 254.8 million barrels to 253.1 million barrels. Gasoline production increased, averaging 9.3 million barrels per day.
The national average cost of electricity at public EV charging stations remains about 39 cents per kilowatt hour, while the New Jersey average is about 43 cents.
Drivers can compare local fuel prices using AAA’s Fuel Price Finder at aaa.com/fuelfinder. AAA also offers a travel fuel cost calculator at gasprices.aaa.com and the TripTik Mobile app at aaa.com/mobile.
