Gas stations had to clear out inventory bought at the old tax rate and don't get refunds on it. Now higher crude oil and wholesale prices will negate any drop.
Escalating gas prices are one thing. $3 per gallon is another. $4 per gallon is absolutely alarming! Let's take a look at what's happening with gas in New Jersey and what it means to you.
The average price of a gallon of regular gas in New Jersey has gone up 7 cents in the past week, nearly 30 cents in a month, and is almost 40 cents more than a year ago, just before the onset of the COVID-19 pandemic and a nosedive in oil demand.