Even though the temperatures in New Jersey suggest otherwise, March 20 marks the official start of spring and prices at the pump continue to climb as the conflict in Iran pushes oil prices higher, according to a report from AAA South Jersey in Voorhees.
In New Jersey, the average price for a gallon of regular gasoline rose 28 cents over the last week to $3.79; a month ago, it was $2.93. The cheapest gas in the state, on average, can be found in Bergen County at $3.71. Cape May County has the state’s highest average price at $3.92.
The national average as of March 19 is $3.884. A week ago it was $3.598; one month ago, it was $2.929.
The United States and Israel launched a coordinated attack on Iran on Feb. 28. Iran is among the top-10 oil-producing nations at 3.3 million barrels a day, or 4.5% of global oil supplies.
According to new data from the Energy Information Administration, gasoline demand decreased last week from 9.24 million b/d to 8.72 million. Total domestic gasoline supply declined from 249.5 million barrels to 244.0 million.
With the spring equinox ushering in warmer weather and more time on the road, gasoline prices are trending upward alongside seasonal demand. Last week’s announcement to release 172 million barrels of oil from strategic reserves over four months has had no immediate relief on the oil market as the price of a barrel of crude continues to climb. Brent crude futures fell to $104.40 as of 3:15 p.m. after touching $118.27 early March 19.
The nation’s top 10 most expensive gasoline markets are California ($5.61), Washington ($5.14), Hawaii ($5.07), Oregon ($4.70), Nevada ($4.66), Arizona ($4.43), Alaska ($4.42), Illinois ($4.04), Idaho ($3.98), and District of Columbia ($3.96).
America’s top 10 least expensive gasoline markets are Oklahoma ($3.24), Kansas ($3.24), Iowa ($3.34), Arkansas ($3.34), North Dakota ($3.35), South Dakota ($3.36), Nebraska ($3.37), Missouri ($3.38), Minnesota ($3.43), and Mississippi ($3.48).
The country’s top 10 most expensive states for public charging per kilowatt hour are West Virginia (53 cents), Hawaii (51 cents), Alaska (50 cents), New Hampshire (47 cents), Louisiana (47 cents), South Carolina (46 cents), California (45 cents), New Jersey (45 cents), Arkansas (44 cents), and Idaho (43 cents).
The nation’s top 10 least expensive states for public charging per kilowatt hour are Kansas (29 cents), Missouri (31 cents), Utah (33 cents), Maryland (33 cents), Nebraska (33 cents), Iowa (34 cents), Vermont (34 cents), South Dakota (34 cents), Delaware (36 cents), and Colorado (38 cents).
