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Gas prices across New Jersey have remained relatively stable in recent days, but drivers are still paying significantly more at the pump than they were a year ago.
According to the latest figures, the average price for a gallon of regular gasoline in New Jersey is $4.31, up slightly from the previous day and largely unchanged from last week. Compared with this time last year, motorists are paying nearly $1.30 more per gallon.
Drivers filling up with higher-grade fuel are seeing even steeper prices. Midgrade gasoline is averaging $4.88 per gallon, while premium fuel is averaging $5.18 per gallon. Diesel remains the most expensive option, averaging $6.32 per gallon statewide.
There is some relief compared with last month, when regular gasoline averaged approximately $4.41 per gallon, but prices remain elevated for many New Jersey residents.
AAA says the impact of higher fuel costs is being felt by consumers beyond the gas station.
“Drivers are very sensitive to gasoline prices,” said Robert Sinclair Jr., senior manager of public affairs for AAA Northeast. “We've done surveys asking what the pain point is for the price of gasoline, and drivers have said that 40% of drivers will have a problem at $3 a gallon. At that price, they would have to drive less, put off making a major purchase, combine errands with their commutes and not eat out.”
Sinclair added that the financial strain grows as prices rise.
“When the price hit $4 a gallon, it's 60% of drivers who are feeling the pinch,” he said. “You have to assume that a major part of the population is being negatively affected as a result of high gasoline prices.”
As fuel costs remain well above year-ago levels, many drivers are adjusting household budgets and cutting back on discretionary spending to offset higher transportation expenses.