Gas Prices (2024)

FAQs

What are NJ gas prices today? ›

Western and Pacific states face the most costly gas in the nation, as the five states with the highest prices are California, Hawaii ($4.79), Washington ($4.57), Oregon ($4.33) and Nevada ($4.32).

Summer travel is a main reason why this price surge may occur as the demand for gasoline is expected to increase with Memorial Day weekend around the corner and many in New Jersey are on the road. Typically a different summer blend of gas is used, which is another reason for the summer price increase.

"California has its own blend of gasoline, it has very high taxes, and it has a cap-and-trade program," De Haan said. "All of those factor into what you pay at the pump."

Mississippi has the lowest price of gas, with an average of $3.00 per gallon of regular gas.

Wyoming has the cheapest gasoline prices in the U.S., where the average cost is $2.63 per gallon. However, the state ranks 15th in diesel prices at $3.64.

Most of the gas tax goes to the Transportation Trust Fund, which pays for the state's share of transportation projects – from fixing bridges to filling potholes and repairs for NJ Transit. Because the tax is so low, the fund hasn't had enough money to cover its costs.

What is actually causing gas prices to rise? ›

Combine higher production costs with lower supplies and higher demand, and that's a recipe for higher gasoline prices nearly every year. There are occasional external factors like hurricanes in the Gulf of Mexico, geopolitical events, or a global pandemic that can disrupt these seasonal trends.

The increase in gas prices is also because of Pennsylvania gas taxes. "The Pennsylvania state gas tax is higher than most other states," said Tidwell. "This is $20 and it's just like a quarter of a tank," said Mary Zimmerman of East Falls after putting gas in her car.

They're most likely gone forever. That's because prices, on average, are a one-way ticket, generally rising over time, and falling only when something has gone wrong with the economy. Officials at the Federal Reserve who set the nation's monetary policy are determined to keep it that way.

Alaska gas tax is $0.0895 per gallon, the lowest in the nation. Alaska's gas tax is primarily utilized to fund the state's transportation infrastructure, including the construction and maintenance of roads and bridges, which are vital for connectivity in the state's vast and often remote areas.

Petroleum prices are determined by market forces of supply and demand, not individual companies, and the price of crude oil is the primary determinant of the price we pay at the pump.

New Jersey gas prices for their part continue to adhere to pre-pandemic patterns, when they reflected lower demand early in the week, according to GasBuddy. "Monday and Tuesday are generally the weakest, especially in this COVID era when people aren't going back to the office," DeHaan said. Michael L.

In general, gas prices tend to be lowest at the beginning of the week, on Monday and Tuesday, GasBuddy's lead petroleum analyst Patrick De Haan told Nexstar. As the week goes on, gas prices tend to rise until they reach their most expensive point on the weekend – especially on Friday and Saturday.

California has the highest tax rate on gasoline in the United States. As of July 2023, the gas tax in California amounted to 77.9 U.S. cents per gallon. California has long been known as the state with the highest tax rates – and consequently some of the highest fuel prices in the country.

New York Retail Gas Price (I:NYGRP)

New York Retail Gas Price is at a current level of 3.616, down from 3.661 last week and down from 3.706 one year ago. This is a change of -1.23% from last week and -2.43% from one year ago.