Industry analysts in N.J. anticipate accelerating gas prices to soon ebb

It’s costing more for gasoline — but a New Jersey analyst predicts prices will soon move lower.

Gas prices in New Jersey have gone up by 7 cents a gallon in the past week and the statewide average is now $3.79. That’s 25 cents higher than a year ago.

In Delaware, the average price is $3.90 a gallon, while Pennsylvania drivers are paying about $3.97.

Ben Brockwell with the Oil Price Information Service does not expect the upward trend to last much longer.

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“I think we have a little bit more upside because the summer grade gasoline is still working its way through the system, but I do think we’re awfully close to the peak,” he said Monday.

Unless there’s a major supply disruption, Brockwell predicts prices will go down about 10 to 20 cents a gallon by the summer.

A New Jersey Transit representative says every penny increase in gasoline costs has a $370,000 impact on its budget, but there is no plan for a fare increase in the coming fiscal year.

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