Gas prices start hitting $4 in some places in New Jersey

⛽Gas prices in NJ will keep rising as global oil markets swing wildly

⛽Threats to the Strait of Hormuz are pushing crude back above $100 a barrel

⛽ Rising diesel and summer gasoline blends could drive prices higher for NJ drivers

It's now been four weeks since President Donald Trump said the U.S.-Israeli war on Iran could last four weeks. And gas prices keep climbing. In some places in New Jersey, the price of a regular gallon has already hit the $4 mark, although the statewide average remains below the national average, which is the highest since 2022. Story continues below gallery

Rising gasoline prices are a double blow for drivers who use their own vehicles for work

Driving a car, van or truck is a big part of many Americans’ workdays. Millions of people have jobs that require using personal vehicles for work. They include delivery drivers and ride-share providers, as well as self-employed electricians, nannies, home health care aides and real estate agents.

—The Associated Press

War in Middle East affecting prices

Earlier this month, Gas Buddy petroleum analyst Patrick DeHaan said that the release of 400 million barrels by the International Energy Agency, including 172 million from the U.S. Strategic Reserve, will not do much initially to keep prices down. "We have a 20-million-barrel hole because of the blockage in the Strait of Hormuz. The problem with a lot of these releases is they're not going to come close to filling that," DeHaan said. "But the problem is like using a straw instead of a garden hose. The rate of return is what matters to the market, and that's why it's not really having much of an effect yet, at least on pushing oil prices lower."

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Diesel costs and refinery maintenance add pressure

Then there's diesel, which impacts nearly everything in New Jersey. "Diesel is the fuel that powers the economic engine of the United States. Everything moves with diesel. Agriculture moves with diesel. Trucks move with diesel. Trains move with diesel. Those costs, in some cases, real-time, fuel surcharges, are coming back with a fury." DeHaan does not share President Trump's optimism that prices will drop below their pre-conflict level at the end of February. "We are not going back down, and by no measure, we are not going fully back down We will be above pre war levels, because in the backdrop, we're making the transition to a more expensive summer gasoline that's going to be here in just a couple of weeks. Demand is going up," DeHaan said. "And refineries are going to be doing maintenance. This is something that happens every year that is fully going to prevent prices from going down below where they were prior to this." DeHaan says that once shipping returns to normal in the Strait of Hormuz, prices in New Jersey will probably decrease gradually below $3 per gallon. "Every day and every week that we continue to see this blockade, it's going to be harder for gas prices to eventually get down to those numbers. I mean, time is the real enemy here," DeHaan said.

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