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N.J. gas price increase blamed on Hurricane Isaac

Thursday, 30 August 2012 13:10
BY BOB HOLT
NEWJERSEYNEWSROOM.COM

While Hurricane Isaac has been soaking the Gulf Coast, the wallets of New Jersey drivers have just felt a big soaking from the gas pumps.

An Associated Press story on thesouthern.com reports that he national average price of a gallon of gas climbed to $3.80 on Wednesday after seeing a five-cent increase. The hikes are expected to continue through Labor Day weekend, notorious for driving.

Coincidence? You be the judge.

According to Salvatore Risalvato, Executive Director of the New Jersey Gasoline-Convenience-Automotive Association, prices will drop after Isaac runs its course, mycentraljersey.com reported.

Gasoline prices have climbed from just less than $3.49 a gallon in central New Jersey to just over $3.66 in the past month alone. One theory for the ongoing rise places the blame on logistics. Either U.S. refineries or the oil itself is in the wrong place.

Bloomberg Businessweek points out that U.S. oil production has increased by 14 percent in the past year. Much of that comes from North Dakota, Texas, Oklahoma, and Kansas. Through May, North Dakota was producing 639,000 barrels of oil per day, a huge increase, but no refineries exist there.

The biggest refining hubs in the U.S. are on the Gulf Coast, followed by the Philadelphia/New Jersey area and Southern California.

Oil analyst Tom Kloza predicted that New Jersey would not top 2012’s previous high of $3.89 for a gallon of gasoline unless the storm intensifies quickly. Njtoday.net reported that average gas prices in New Jersey rose 6 cents last week.

Better days should be ahead. Most of the U.S. refiners switch to a winter blend of gasoline on Sept. 15, which usually lowers prices toward the end of the year.

You can look for the cheapest gasoline prices in your area here.

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