New Jersey gas prices surge after OPEC announces plan to cut production
National average price for a gallon of regular gasoline was up 8 cents last week
{{#rendered}} {{/rendered}}Gas prices surged in New Jersey and around the nation at large following OPEC’s announcement last weekend that it plans to cut production by more than a million barrels a day starting in a month.
AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $3.36, an increase of 11 cents from last week. Drivers were paying $4.13 a gallon on average a year ago at this time.
The national average price for a gallon of regular gasoline was $3.58, up eight cents from last week. Drivers were paying $4.15 a gallon on average a year ago at this time.
{{#rendered}} {{/rendered}}A gas station is pictured on June 11, 2022, in Woodbridge, New Jersey. The cost of gas in New Jersey surged after OPEC announced it plans to cut production. (Kena Betancur/VIEWpress)
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Analysts say the oil market has had a few days to digest the OPEC announcement and prices have stabilized for now, but since the cost of oil accounts for more than half of what consumers pay for gasoline "drivers may not catch a break at the pump any time soon."