Are gas prices headed up for Memorial Day weekend in NJ?
⛽ Will gas prices rise ahead of Memorial Day?
⛽ Huge price difference in NJ compared to a year ago
⛽ Truckers are finally getting a break, good for consumers
Gas prices have been stuck in neutral for weeks with the average price for a gallon of regular sitting at about $3.40, according to AAA.
However, some analysts believe we could see prices rise as we head into Memorial Day weekend.
Patrick De Haan from GasBuddy.com notes demand for gasoline had been steadily rising as we approach the summer driving season, up another 1.4% in a week.
De Haan says at the same time, supplies of gasoline are dropping.
That could be enough to push prices up, but oil and gas markets are also being effected by the ongoing standoff between President Joe Biden and Republican lawmakers over raising the U.S debt ceiling.
"On talks of a possible debt ceiling deal, oil and wholesale gasoline prices were rallying, just enough that some could see inching up ahead of Memorial Day," De Haan said.
Those talks, however, remain stalled as of Monday morning. Biden and GOP leaders will meet later today to continue negotiations.
What a difference a year makes
Prices are still much lower than they were a year ago.
Ahead of Memorial Day, 2022, New Jersey and the nation were seeing huge daily price spikes.
On May 22, 2022, the average price of regular in New Jersey was $4.77 per gallon.
In just a couple weeks, prices would hit an all-time record of $5.05 in New Jersey before gradually starting to fall.
Truckers getting a break
Even as gasoline prices were falling for much of 2023, diesel prices continued to remain high.
That is no longer the case as truck fuel has been declining.
A month ago, a gallon of diesel was selling for an average of $4.02 in New Jersey.
Now, it is about $3.78.
A year ago, a gallon of diesel was $6.29.
De Haan says the average semi-truck is spending roughly $450 less on every fill-up than they did a year ago.
"One must go back over 5,000 days to August 29, 2009, when GM was still producing Pontiacs, Saabs, and Saturns, to see a bigger yearly decline in diesel prices," De Haan notes.
The decline in diesel is good news for consumers.
Most goods delivered to merchants are transported by truck, and the higher fuel costs were being added to the prices of almost everything you buy.