Gas prices fell dramatically over the summer after peaking in the spring, but the downward trend may finally be at an end.
On Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) sent House Democrats into a pre-midterms meltdown mode after announcing that the cartel would slash oil production by 2 million barrels daily.
OPEC’s desired impact was immediate.
The average gallon of regular gasoline in the Garden State was up nearly 6-cents (5.7) from Wednesday to Thursday according to AAA. Gas prices nationally have risen for weeks as a combination of high demand, low supply, and refinary issues (complicated by Biden Administration ethanol regulations) applied upward pressure on prices at the pump.
Notwithstanding recent drops, gas in New Jersey is still 25-cents per gallon more expensive today than on October 6, 2021.
