gas prices

NJ Hits $5 Gas for the First Time Ever

According to AAA, New Jersey topped $5 for a gallon of regular unleaded for the first time on Tuesday

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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.

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.

Copyright NBC New York
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