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Regular Gas Spotted at $4 per Gallon in New Jersey as Gas prices hit their highest levels since 2008

the staff of the Ridgewood blog

Ridgewood NJ, Gas prices hit their highest levels since 2008 Thursday and some stations in New Jersey, the dreaded price of $4 a gallon for regular has already been reached.

The national average now at the highest in nearly a decade. The rapid ascent is pinching consumers’ pockets, and experts say there may be little end in sight.

The national average for a gallon of regular gas stood at $3.83 on Friday, according to data from AAA, the highest since September 21, 2012. Prices are rising at a fast clip — Friday’s average is nearly 11 cents above Thursday’s. Americans are paying about 27 cents more per gallon than last week, and 41 more cents than a month ago.

The spike follows a surge in oil prices. West Texas Intermediate crude, the U.S. oil benchmark, topped $116 per barrel Thursday, also the highest level since 2008.

Russia’s Ukraine invasion could have set in motion an energy market disruption on the scale of major oil crises in the 1970s, according to Daniel Yergin, vice chairman of IHS Markit.

Bill Gross, the one-time so-called bond king who co-founded fixed income giant Pimco, said he sees the possibility of stagflation in the economy and he wouldn’t buy stocks aggressively now.

Morgan Stanley names this energy stock a top pick, sees nearly 20% upside and JPMorgan predicts prices could reach $185 by the end of the year.

7 thoughts on “Regular Gas Spotted at $4 per Gallon in New Jersey as Gas prices hit their highest levels since 2008

  1. time to rollback that gas tax increase they shoved up our tailpipe
    where did the money go
    roads are worse now than ever before

  2. Let’s go Brandon!

  3. FJB

  4. Way to go Joe!

  5. Tks Joe
    Keep up the good work

    At what pt does Psaki throw in the towel. How long can she lie, spin and cover for this admin

  6. I drove down 17 south at 1pm and the exxon northbound in paramus was 397 or so.
    Upon my return trip it was 427
    thanks Joe DEMENTIAN Biden
    What do the ruskies have on Hunter, Verisma, ukraine and the money going to the big guy…
    Well at least we don’t get any more mean tweets

  7. i looked at gasbuddy app just now sunday am
    it said the shell station is 459 489 499… most of the others are like 419-437
    i wont forget any operators taking advantage of the current situation

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