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AAA Mid-Atlantic: NJ Gas Prices Rising Sharply

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TRENTON, N.J. (AP) — Motorists continue to see sharply higher prices at the pumps in New Jersey.

AAA Mid-Atlantic says the average price of regular gasoline on Friday was $3.74, up 11 cents from last week. It also marks the fourth straight week that prices have surged upward, leading to renewed speculation that drivers may soon be paying $4 a gallon.

The current price is also much higher than the cost a year ago, when New Jersey motorists were paying $2.70.

Meanwhile, the national average price rose by 4 cents to $3.86. That’s also much higher than the national average from a year ago, which was $2.86.

AAA Mid-Atlantic says the surging pump prices are mostly due to rising crude oil prices, a weaker U.S. dollar and declining petroleum inventories.

(Copyright 2011 by The Associated Press.  All Rights Reserved.)

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