NJ Gas Prices Could Rise Again After Weeks Of Falling

NEW JERSEY — After weeks of historically high gas prices gradually falling, costs at the pump may rise soon, according to experts.

New Jersey hit a record average of $5.06 per regular gallon June 13, but the average price dropped to $4.38 as of Tuesday, according to AAA. Low domestic demand for fuel and oil prices in the mid-$90s per barrel contributed to price reductions, according to experts. But that trend could end soon — before the Garden State's average can even drop below the $4 per gallon mark.

"The outlook is for a continued drop in most areas," said Patrick De Haan, GasBuddy's head of petroleum analysis. "However, some supply tightness in areas of the northeastern U.S. could push prices up slightly until inventories rise, or imports do."

July marked the first month since April 2020 in which the nation's average gas price fell, dropping from $5.03 per gallon in June to $4.66 last month, according to the U.S. Energy Information Administration. But fuel costs remain a far cry from April 2020 ($1.94 per gallon) and even before the economic fallout that occurred after Russia invaded Ukraine (average cost of $3.41 per gallon in January).

Nearly 20 states recently saw their average gas prices decline to $3.99 or less, De Haan says. But that could mean a major shift in demand.

New survey data from AAA found that 64 percent of U.S. adults change their driving habits or lifestyle since March, with 23 percent making "major changes."

"We know that most American drivers have made significant changes in their driving habits to cope with high gas prices," said AAA spokesperson Andrew Gross. "But with gas below $4 a gallon at nearly half of the gas stations around the country, it’s possible that gas demand could rise."

Oil and gas companies enjoyed record profits amid historically high prices at the pump. Exxon reported income of $17.9 billion in the second quarter of the year (through June) — more than triple what it earned in the same quarter last year, according to The New York Times. Chevron's quarterly profit more than tripled to $11.6 billion.

Here's the average gas price in each New Jersey county as of Tuesday, according to AAA:

1. Salem: $4.29
2. Warren: $4.29
3. Camden: $4.30
4. Burlington: $4.31
5. Bergen: $4.32
6. Atlantic: $4.33
7. Cumberland: $4.33
8. Sussex: $4.33
9. Union: $4.36
10. Gloucester: $4.36
11. Passaic: $4.37
12. Middlesex: $4.38
13. Hudson: $4.38
14. Morris: $4.43
15. Cape May: $4.44
16. Hunterdon: $4.44
17. Monmouth: $4.44
18. Ocean: $4.45
19. Essex: $4.46
20. Mercer: $4.47
21. Somerset: $4.52