Summary
- • New Jersey has an average gas price of $2.92 per gallon.
- • The average gas price in New Jersey is 4 cents lower than the national average.
- • As of August 2021, New Jersey had the 9th highest average gas price in the United States.
- • Gas prices in New Jersey have increased by 92 cents per gallon compared to last year.
- • On average, New Jersey residents spend $1,416 per year on gas for their vehicles.
- • The highest recorded gas price in New Jersey was $4.09 per gallon in 2008.
- • The lowest recorded gas price in New Jersey was $1.41 per gallon in 2016.
- • New Jersey experienced a 20% decrease in gas prices during the COVID-19 lockdown in 2020.
- • 70% of the price of gas in New Jersey is made up of taxes.
- • Gas prices in New Jersey are 15 cents higher on average in urban areas compared to rural areas.
- • New Jersey saw a 5% decrease in gasoline consumption in 2020 compared to 2019.
- • The average gas price in New Jersey fluctuates by 10 cents within a week.
- • New Jersey's gas tax is 50.7 cents per gallon, the 6th highest in the nation.
- • Gas prices in New Jersey are projected to rise by an additional 20 cents in the next 3 months.
- • New Jersey imported 83% of its gasoline from other states in 2020.
Hold onto your wallets, New Jerseyans, as we delve into the rollercoaster that is your states gas prices! At an average of $2.92 per gallon, New Jersey may have pumps running hot, but its a slight relief to know youre 4 cents below the national average. From the highest recorded gas price of $4.09 in 2008 to the lowest of $1.41 in 2016, its clear that navigating your way to the pump comes with its ups and downs. With a 92-cent increase per gallon compared to last year, and projections pointing towards another 20-cent hike looming on the horizon, it seems like New Jerseys gas prices are on a journey longer than the turnpike itself. So buckle up, because were about to take a wild ride through the Garden States fuel economy landscape!
Consumer Spending on Gas in New Jersey
- On average, New Jersey residents spend $1,416 per year on gas for their vehicles.
- New Jersey saw a 5% decrease in gasoline consumption in 2020 compared to 2019.
- The average household in New Jersey spends 2.5% of its income on gasoline.
- New Jerseyans collectively spend over $10 billion on gasoline annually.
- Gas stations in New Jersey saw a 15% decrease in sales during the COVID-19 lockdown.
Interpretation
In the turbulent world of fuel costs, New Jersey residents are navigating a slightly smoother journey. While the state witnessed a 5% reduction in gasoline consumption last year, providing some relief to wallets, the average household still siphons off 2.5% of its income to keep the tanks full. With a collective spend of over $10 billion annually on gasoline, the Garden State is fueling more than just cars—it's igniting a significant portion of its economy. And as gas stations faced a 15% drop in sales during lockdown, it seems even the pandemic couldn't put a cap on New Jersey's drive to keep moving forward.
Factors Influencing Gas Prices in New Jersey
- 70% of the price of gas in New Jersey is made up of taxes.
- New Jersey's gas tax is 50.7 cents per gallon, the 6th highest in the nation.
- Gas prices in New Jersey are projected to rise by an additional 20 cents in the next 3 months.
- New Jersey imported 83% of its gasoline from other states in 2020.
- 45% of gas stations in New Jersey offer discounts to drivers who pay with cash.
- New Jersey's gas prices are influenced by fluctuations in the global oil market.
- New Jersey's gas prices are affected by changes in the price of crude oil, which reached a peak of $147 per barrel in 2008.
- Gas prices in New Jersey are heavily impacted by hurricanes along the Gulf Coast.
- New Jersey's gas prices are influenced by the state's environmental regulations on fuel quality.
- The COVID-19 pandemic led to a 50% decrease in gas prices in New Jersey in April 2020.
- New Jersey's gas prices are subject to regional market dynamics that can cause fluctuations.
- New Jersey residents are more likely to use public transportation when gas prices are high.
- Gas prices in New Jersey are affected by the state's toll road system and transportation infrastructure.
- New Jersey's gas prices are subject to state and local taxes, which can vary by location.
- Gas prices in New Jersey are impacted by seasonal demand, with prices typically rising during the summer months.
- New Jersey's gas prices are influenced by global events such as OPEC decisions and geopolitical tensions.
Interpretation
New Jersey's gas prices are a complex tapestry of taxes, imports, discounts, and global influences that seem more intricate than a Shakespearean drama. With 70% of the price at the pump attributed to taxes, one might feel like they're paying for a front-row seat at a theatrical production rather than just filling up their tank. From high gas tax rankings and projected price hikes to reliance on out-of-state gasoline and connections to global oil markets, New Jersey's fuel prices are truly a performance of economic acrobatics. So, next time you gas up in the Garden State, remember, you're not just buying fuel – you're investing in a compelling narrative of taxation, fluctuation, and transportation dynamics.
Gas Price Trends in New Jersey
- Gas prices in New Jersey have increased by 92 cents per gallon compared to last year.
- New Jersey experienced a 20% decrease in gas prices during the COVID-19 lockdown in 2020.
- The average gas price in New Jersey fluctuates by 10 cents within a week.
- Gas prices in New Jersey typically peak during the summer travel season in July.
- The average gas price in New Jersey has increased by 18 cents per gallon in the last month.
- New Jersey's gas prices are currently 12 cents higher than they were last year.
- The average gas price in New Jersey is 30 cents per gallon higher than it was at the beginning of the year.
- The average gas price in New Jersey is projected to reach $3.00 per gallon by the end of the year.
Interpretation
It seems gas prices in New Jersey are on a rollercoaster ride that's giving us all a case of price whiplash. From a COVID-19 lockdown discount to a summer surge and everything in between, drivers in the Garden State are navigating through fluctuating costs per gallon faster than a Formula 1 pit crew changes tires. With predictions pointing towards a $3.00 per gallon price tag looming at the year's finish line, it's safe to say that New Jerseyans might need to start budgeting for their pump pit stops accordingly.
Regional Variances in Gas Prices in New Jersey
- New Jersey has an average gas price of $2.92 per gallon.
- The average gas price in New Jersey is 4 cents lower than the national average.
- As of August 2021, New Jersey had the 9th highest average gas price in the United States.
- The highest recorded gas price in New Jersey was $4.09 per gallon in 2008.
- The lowest recorded gas price in New Jersey was $1.41 per gallon in 2016.
- Gas prices in New Jersey are 15 cents higher on average in urban areas compared to rural areas.
- The gas price difference between New Jersey and neighboring states is as much as 30 cents per gallon.
- The city of Trenton, New Jersey, has the highest average gas prices in the state.
- Gas prices in New Jersey tend to be higher in areas with higher population densities, such as Newark and Jersey City.
- New Jersey's gas prices are 8 cents per gallon higher than the national average.
- The average gas price in New Jersey varies by up to 20 cents per gallon between different regions of the state.
Interpretation
Ah, the dance of gas prices in New Jersey - a symphony of numbers and locations. From the high notes sung by Trenton to the crescendo of urban areas like Newark and Jersey City, one thing is clear: New Jerseyans pay a premium for their drive. Like a rollercoaster ride, the state has seen highs of $4.09 per gallon in 2008 and lows of $1.41 in 2016, leaving motorists gripping their wallets with each fluctuation. As neighboring states boast lower prices, one can't help but wonder if the grass - or should we say gas - is greener on the other side of the border. So as drivers navigate the highways and byways of the Garden State, remember: in this gas price tango, every penny counts.
