New Jersey residents may be able to take advantage of some relief on gas prices in the state this weekend after a nationwide gas price spike last week forced the closure of two natural gas fields.
Gas prices in New Jersey jumped nearly 50 percent to $2.79 a gallon Friday from Thursday’s $2 a gallon, according to data compiled by GasBuddy.com, the website that tracks gas prices.
The average price of gas in the New Jersey region jumped nearly $2 to $1.86 a gallon.
Gas experts are predicting that gas prices will rebound in New York City and New Jersey by the weekend.
GasBuddies forecasts New York and New York-NJ gas prices to average $1 to $3 per gallon over the next six weeks, the highest price on record.
That would be about $2 higher than the average price in April and May, according the website.
New York City gas prices have already been up more than 20 percent from last year.
Gas prices rose by a combined $1 a gallon in Manhattan to $4.96 a gallon Saturday.
In Jersey, gas prices jumped about 70 percent to more than $3 a gallon this weekend, according data compiled from GasBud.com.
GasBuddy predicts gas prices for Jersey will average about $1 per gallon for the next three months.
The New York State Energy Commission said on Monday that the gas prices increased because of the gas market’s recent high-profile collapse.
Gas is the primary energy source in the northeastern United States, which is struggling with a surge in carbon dioxide emissions.
The rise in gas prices has also fueled a spike in the price of crude oil, which has been depressed due to a prolonged drought and warmer weather in the Northeast.