New Jersey drivers will pay an average of $3.44 per gallon of regular gasoline this month versus $3.43 last year. This is a 0.2 percent increase equaling $0.01 per gallon.
Of the 11 New Jersey metropolitan areas analyzed, drivers in Cape May faced the largest price hike at the pump in the last year of $1.73. Trenton was spared the worst pain, with the price of gas rising -$2.24 from February 2022 to February 2023.
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 would fall throughout 2022. This was incorrect, though the Administration made the same forecast for 2023.
New Jersey drivers average 1,021.9 miles and use 42.2 gallons of gasoline per month, according to the FHA.
| Market | 2023 | 2022 | CHG | % | Total increase |
|---|---|---|---|---|---|
| Cape May | $3.50 | $3.46 | $0.04 | 1.2% | $1.73 |
| Philadelphia (NJ Only) | $3.40 | $3.37 | $0.03 | 0.9% | $1.31 |
| Middlesex-Somerset-Hunterdon | $3.49 | $3.46 | $0.03 | 0.8% | $1.14 |
| Monmouth-Ocean | $3.46 | $3.43 | $0.02 | 0.7% | $1.01 |
| Warren County | $3.40 | $3.37 | $0.02 | 0.6% | $0.89 |
| Atlantic City | $3.41 | $3.41 | $-0 | -0.1% | -$0.13 |
| Newark | $3.48 | $3.48 | $-0 | -0.1% | -$0.17 |
| Bergen-Passaic | $3.43 | $3.43 | -$0.01 | -0.2% | -$0.30 |
| Vineland | $3.40 | $3.41 | -$0.01 | -0.4% | -$0.55 |
| Parsippany-Troy Hills | $3.42 | $3.43 | -$0.02 | -0.5% | -$0.72 |
| Trenton | $3.44 | $3.49 | -$0.05 | -1.5% | -$2.24 |
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