Pain at the pump: Gas has risen about 11 cents in just one week. How much are you paying?
The price of gas in has risen about 11 cents in just one week, and residents across New Jersey are feeling the pain.
The average price for a gallon now stands at $3.40. Experts are attributing the rise to high demand, but low supply.
According to AAA Mid-Atlantic, New jersey has gone up 11 cents in the past week.
There are different reasons for the price bump. Experts say that gas prices are rising because production was slowed during the pandemic, and it is still trying to catch up to the increased demand.
This time of the year is when gas prices usually fall as fuel grades change, normally not rising until Thanksgiving and the start of the holiday season.
Economists say the problem is twofold -- crude oil has jumped to more than $80 a barrel recently, and demand is also up worldwide. There are also the on-going supply chain issues.
News 12 New Jersey will continue to track gas prices around the Garden State.