New Jersey drivers will pay an average of $4.86 per gallon of regular gasoline this month versus $3.14 last year. This is a 54.5 percent increase equaling $1.71 per gallon.
Of the 11 New Jersey metropolitan areas analyzed, drivers in Parsippany-Troy Hills faced the largest price hike at the pump in the last year of $73.35. Atlantic City was spared the worst pain, with the price of gas rising $70.52 from July 2021 to July 2022.
Gas prices across the US hit a seven-year high following a significant drop at the beginning of the COVID-19 pandemic.
The price of gas, derived from the cost of oil manufactured around the world, has the power to substantially change the free market and influence many industries.
A short-term outlook report from the US Energy Information Administration predicted gas rates will fall throughout 2022.
New Jersey drivers average 1,021.9 miles and use 42.2 gallons of gasoline per month, according to the FHA.
| Market | 2022 | 2021 | CHG | % | Total increase |
|---|---|---|---|---|---|
| Parsippany-Troy Hills | $4.88 | $3.14 | $1.74 | 55.3% | $73.35 |
| Newark | $4.90 | $3.16 | $1.74 | 54.9% | $73.27 |
| Cape May | $4.89 | $3.16 | $1.73 | 54.9% | $73.22 |
| Trenton | $4.92 | $3.19 | $1.73 | 54.1% | $72.93 |
| Bergen-Passaic | $4.84 | $3.12 | $1.72 | 55.0% | $72.51 |
| Middlesex-Somerset-Hunterdon | $4.88 | $3.16 | $1.72 | 54.2% | $72.46 |
| Monmouth-Ocean | $4.86 | $3.15 | $1.71 | 54.4% | $72.34 |
| Vineland | $4.82 | $3.11 | $1.71 | 54.8% | $72.04 |
| Warren County | $4.80 | $3.12 | $1.68 | 54.0% | $71.07 |
| Philadelphia (NJ Only) | $4.80 | $3.12 | $1.68 | 53.7% | $70.82 |
| Atlantic City | $4.82 | $3.15 | $1.67 | 53.0% | $70.52 |
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