Gas prices continue to climb, but at least it’s at a slower rate, according to a report by AAA.
The organization reports gas prices have climbed daily for 29 straight days and the national average is now $3.64 a gallon. New Jersey’s is seven cents a gallon lower than the national average.
The national price has increased 35 cents a gallon this year and 18 cents a gallon this month, but the seven-cent weekly increase was the first time that change was under 10 cents in the past four weeks.
AAA said the prices this week are 12 cents higher than this time a year ago and the highest ever recorded price for this time of year.
The organization listed as reasons for the high prices high crude oil prices, seasonal maintenance work at refineries, which temporarily reduces gas supplies, and financial market speculation. AAA said investors believe demand for oil will rise, which further inflates prices.
AAA reports they expect prices will continue to rise but ultimately peak at lower prices than the high of the last two years — $3.98 on May 5, 2011, and $3.94 on April 5 and 6 in 2012.
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