Gasoline prices on the New Jersey Turnpike and Garden State Parkway had been considered a bargain over the last week, but that changed Friday morning. However, it may become a bargain again before next week is through, thanks to a jittery oil market and infrequent price changes on New Jersey’s busiest highways.
At 7 a.m., the price of regular gas went from $3.08 to $3.25 per gallon at filling stations on the New Jersey Turnpike and the Garden State Parkway. But that 17-cent jump brings prices along the busiest toll road in the country in line with most other North Jersey filling stations, at least for today.
Why are we paying more? Unrest in Libya is a major factor making markets jittery. Even though virtually no gasoline refined from Libyan oil comes to the United States, Libya is a supplier to other markets, particularly Europe and the Far East. If the oil supply to those countries looks like it will diminish, that could create a bidding war for oil worldwide.
The situation creates what market traders call a fear premium, a rise in prices as a result of speculation due to uncertainty. Already, oil traders have bid the price above $100 a barrel. Even though Monday saw a 3 cent drop in gasoline futures on the New York Mercantile Exchange, generally throughout the Tri-State, drivers are paying more to fill up than they did a week ago.
(Source: WPIX-TV)
Join the official YWN WhatsApp status
One Response
Prices change only once a week (friday morning) by law on the NJT and GSP. Next thursday night friday AM (before 8) is best to fill up if this weeks rise continues next week.