Gas prices rise again in New Jersey

Gas prices rise again in New Jersey

Gas prices rise again in New Jersey, a gas price tracker, points to another potential culprit, too, behind the relatively fast uptick — a trend called "price cyling".

The average price for a gallon of regular unleaded gas Monday afternoon was $2.37, which was down from last week's average of $2.60.

Michigan's lowest average price was about $2.70 per gallon in the Lansing and East Lansing areas.

However, according to GasBuddy, average gas prices in MA are slightly lower than they were a month ago, while the national average is 8.6 cents per gallon higher than a month ago. That's only slightly higher than a week ago when the national average price for a gallon of gas was going for $2.52.

Gas prices are leveling out after making a jump of six cents in Georgia last week, according to officials at AAA.

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"It's been a lousy time for motorists, and I'd expect to see some cut their spending during the holidays as gas prices are up", he concluded in a statement. A couple of stations in the Peachtree Corners and Norcross area sold gas for $2.25 per gallon.

"Our usual autumn pump price plunge was interrupted by rising oil prices", AAA spokesman Mark Jenkins said. But those prices have held steady over the weekend. Without another increase in crude oil inventories this week, however, prices arent likely to drop more than a few cents. "We were in the stratosphere, so to speak, in terms of wholesale prices". Oil prices also are up to around $55-$60 a barrel.

"Analysts warn that oil prices could be somewhat volatile this week, as the consolidation of power in Saudi Arabia leaves speculators questioning the impacts on global oil supply", he said.

AAA officials blamed much of the spike in oil prices on declining oil rig counts in the US, lower domestic inventories, production cuts and political turmoil in oil-rich Saudi Arabia where the king of that country has indicated he may abdicate the throne.

The year's lowest stretch of gas prices came in July, according to DeHaan.

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