New Jersey Gas Prices: Everything You Need To Know
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Knowing the average gas cost in a state is critical, whether you want to go on vacation or make yourself a resident. Thanks to a few items, this cost varies from state to state. What are some facts you should know about New Jersey gas prices? What is the overall average price, and how does it compare to other states?
You’ve come to the best place to learn about New Jersey gas prices. Read on to learn more about what you can expect to pay today in New Jersey, how it compares to other locations, and what might influence the price of gas here. There’s a lot to cover, so let’s get started right away.
What Is the Average New Jersey Gas Price?
According to tapinto.net, the most current gas price for the state of New Jersey is $3.38. It’s one of the pricier areas to fill up a tank in the country. We’ll dive more into how New Jersey gas prices compare to other states later. First, let’s compare New Jersey gas prices by year.
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Gas starts at this point in New Jersey in 2022. In years of the past, here are the average New Jersey gas prices according to eia.gov:
- 2020: $2.50
- 2019: $2.20
- 2018: $2.91
- 2017: $2.43
- 2016: $2.00
- 2015: $2.20
Gas has fluctuated constantly in this state, though the most recent years have been the highest for New Jersey gas prices.
Although New Jersey is affordable compared to a few other states, it’s higher than many locations in the United States. Although the average is high as of February 2022, there could be a decrease in the upcoming months.
New Jersey isn’t the most expensive place to buy gas in the country, but it’s close to the top. Let’s talk about how New Jersey compares to the gas prices of other states in the country to see where it ranks in terms of cost.
How Do New Jersey Gas Prices Compare to Other States?
Every state has a different standard and price for gas. New Jersey is just one of fifty with its set gas prices for people to invest in for their life. How do New Jersey gas prices compare to other states in the country with their fuel? Let’s talk about this comparison.
Here is how New Jersey gas prices compare to a few other states, according to gasprices.aaa.com:
- New Jersey: $3.38
- Alaska: $3.80
- Alabama: $3.20
- California: $4.70
- Connecticut: $3.60
- Florida: $3.50
- Hawaii: $4.40
- Idaho: $3.50
- Illinois: $3.60
- Louisiana: $3.20
- Montana: $3.10
- North Carolina: $3.20
- Nebraska: $3.20
- New York: $3.60
- Ohio: $3.30
- Texas: $3.11
- Utah: $3.40
- Washington: $3.90
New Jersey is higher-priced, but several western options impose even higher costs.
Out of all the states mentioned here, several states are the same or have a higher price than New Jersey. Alaska, California, Hawaii, Connecticut, New York, and Washington are more than New Jersey. Out of these, California and Hawaii are nearly an entire dollar more. These two states are higher than the rest with their gas, and New Jersey comes nowhere near them.
Many of the states are lower than New Jersey by about $0.10-$0.20. According to bankrate.com, the national average is about $3.35. The cost of gas in New Jersey is only about $.03 over the national average. You can expect to spend more on gas if you live in New Jersey than if you occupy a place like Nebraska.
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What Impacts New Jersey Gas Prices?
Why are the prices of gas the way they are in the state of New Jersey? Are there specific things that raise and lower the cost? Although there isn’t one set reason why gas may go up or down, there are a few factors that can have an influence.
According to investopedia.com, here are some of the items that might affect the cost of gas in New Jersey include:
- Supply: How much of this product is available in the world?
- Demand: Is there a desperate need for gas in this place?
- Inflation: Have prices risen over the past year?
- Taxes: Are there taxes in the state that might affect gas prices?
These have the biggest influence on gas prices in a state.
The cost of gas will vary from location to location based on these factors. New Jersey has higher taxes and more people, so naturally, the gas will cost more. These have a big influence, but there are often less significant factors that shift the cost without our knowledge.
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New Jersey Gas Price Predictions for 2022
The average price of gas in New Jersey is $3.38. However, a lot can happen at a price point over a year. Will New Jersey gas prices shift over the year? What do the experts think about the current numbers?
According to eia.gov, gas costs in 2022 are more likely to go down than up. They will be highest going into the first months of the year, then likely will follow a downward trend as time progresses.
When the national average falls, states will follow suit. We will likely see New Jersey gas prices dip below the $3.38 mark before we get to the end of the year.
Conclusion
We’ve gone over quite a few things together. New Jersey has higher gas prices than the national average, but it’s lower than most other coastal states. Supply, demand, inflation, and taxes are all factors that can influence the price of New Jersey gas.
We hope this information was helpful! There’s a lot to understand about New Jersey gas prices. Whether you’re planning a road trip up the street or looking to rent an apartment in this state, knowing the cost of gas is vital. Often, it can mean the most when looking at what’s affordable in this state.
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