New Jersey broke an unfortunate record (for drivers) on Tuesday - the average price of a gallon of gas hit $5 in the state for the first time ever.
It becomes the first East Coast state to shatter that unfortunate mark. (Though Washington D.C. already hit $5 in recent days.)
A gallon of regular unleaded now costs Jersey drivers $5.019 a gallon, according to AAA, some 12% more than a month ago.
Every penny increase in the price of gasoline costs New Jersey drivers about $110,000 in aggregate per day, based on daily averages for the latest consumption data available from the Energy Information Administration.
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The national average went up another nickel overnight and is now just shy of $4.92 a gallon, also a record.
The situation isn’t much better elsewhere – New York hit a record $4.94 a gallon Tuesday, even higher than it was on June 1, when the state implemented a temporary 16-cent tax cut.
