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Today's gas prices are a far cry from New Jersey's highest recorded price of $5.05 a gallon in June 2022.
The Biden administration said Tuesday it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer.
"The one caveat would be if the new war expands to include oil-producing nations in the region." Inventories roughly 10% higher than this time one year ago are also pressuring gasoline prices.
New Jersey does not charge sales tax on most unprepared foods, household paper products, medicine, and clothing. As of July 1, 2022 New Jersey Does not charge sales tax on medical cannabis. [6] New Jersey does not charge sales tax on gasoline, but gasoline is subject to a $0.418/gallon excise tax. [citation needed]
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The ethanol market share in the U.S. gasoline supply grew by volume from just over 1 percent in 2000 to more than 3 percent in 2006 to 10 percent in 2011. [ 1 ] [ 7 ] [ 8 ] Domestic production capacity increased fifteen times after 1990, from 900 million US gallons to 1.63 billion US gal in 2000, to 13.5 billion US gallons in 2010.
The Jersey Journal is a daily newspaper, published from Monday through Saturday, covering news and events throughout Hudson County, New Jersey. The Journal is a sister paper to The Star-Ledger of Newark, The Times of Trenton and the Staten Island Advance, all of which are owned by Advance Publications, which bought the paper in 1945.
Tight refining supply has kept the gap wide between wholesale gasoline futures and retail prices, currently at about $1.25 a gallon, far exceeding the average of 88 cents over the past five years.