Drivers Beware Gas Prices About To Climb Much Higher In New Jersey
Pump prices have been rising for weeks in New Jersey. But now that Russia has attacked Ukraine, drivers should expect a major increase by the end of the weekend.
“You’re going to see 15 cents immediately, and by immediately I mean by Sunday, it’s going to be very quick,” Tom Kloza, global head of energy analysis for the Oil Price Information Service, said Thursday.
The average gas price in New Jersey is $3.62 per gallon.
$4 a gallon of gasoline in New Jersey
Kloza said we’ll likely see an increase in oil production in the Gulf of Mexico as well as North Dakota, but that won’t stop the price of gas from rising about $4 a gallon over the past few months. first two weeks of March.
“I think we hit $4 somewhere between the Ides of March and Cinco De Mayo,” Kloza said.
A possible gas increase joker
The situation in Ukraine could lead to new diplomatic efforts with Iran, which could quickly open up new opportunities for oil exports from that country and help keep the line on oil prices internationally. , according to analysts. But Kloza said it was difficult to predict with certainty what would happen on that front.
Worries about the situation between Russia and Ukraine sent financial markets down in the United States for several days.
Sneak peek of the financial markets
Ken Kamen, chairman of Mercadien Asset Management, said this was understandable because markets don’t like uncertainty and the list of unknowns is only growing. He cautions, however, that the worst time to start moving assets is during times of heightened volatility.
“Usually at times like this you’re selling things when they’re on sale or making emotional decisions when you’re not thinking straight,” he said.
“That’s why it’s so important to have a long-term game plan and understand the ups and downs of the markets. It has been quite a long time and I would say about a decade since we had a very strong correction like this.
Keep a long-term perspective
Kamen said it’s not unusual for markets to retrace 10% and 20% in times of crisis.
“News events tend to be short-lived and economies tend to be very resilient, so I think people should look more to the long term,” he said.
Kloza said gasoline prices usually start to rise when the weather starts to warm up, but the situation in Ukraine has now kick-started that process.
He noted that there had already been tensions in the oil market in 2022 and that prices were trending higher, but the situation in Ukraine is a wildcard.
“So far there has been no interruption in oil exports from Russia, but we may find that there will be embargoes,” he said.
Kloza stressed that the United States is not dependent on Russian oil, but Europe is, and the global economy is connected and interdependent.
He also noted that many states are considering gasoline tax holidays. So far, there has been no public mention of this idea in New Jersey.
David Matthau is a reporter for New Jersey 101.5. You can reach him at [email protected]
Click here to contact an editor about a comment or correction for this story.
The Ultimate Guide to New Jersey Breweries
So what is a “brasserie”?
“A craft brewery is a hybrid between a restaurant and a brewery. It sells at least 25% of its beer on site in combination with extensive catering services. In a craft brewery, beer is primarily brewed for sale to the inside the restaurant or bar. Where legally permitted, breweries may sell beer to take-out or distribute it to certain off-site destinations.”
New Jersey has tons of Brewpubs, some of which have been around for years and some that just opened last year.