Industry analyst expects fuel prices, which have risen 40 cents in a year, will dip again by Thanksgiving.
While gasoline prices in New Jersey are moving higher, an industry expert believes the increase may be temporary.
The average price of regular gas in the Garden State is now $2.68 a gallon. That’s 10 cents higher than last week and 40 cents more than a year ago.
Tom Kloza, chief analyst for the Oil Price Information Service, said routine maintenance at refineries is contributing to the rise in gas prices.
“Most of these refineries that have maintenance in the fall tend to complete their maintenance by the end of October,” said Kloza. “I’m pretty confident that what you’re seeing right now will probably represent something toward the high end of what you see this autumn.”
Kloza, who said gas prices may edge even higher, anticipates they’ll be considerably lower by Thanksgiving.
While motorists may be upset with paying higher prices, Kloza said there does not appear to be any drop in demand for gasoline.