The G7 nations approved putting price caps on the sale of Russian oil, but other factors may be at play to give drivers relief at the pump.
, to punish the nation for the ongoing war in Ukraine.
How will that affect prices at gas stations in New Jersey, where prices declined over the last week, but still are in painful territory for drivers? Pricesacross the nation in June. Even drivers of small economy vehicles are paying substantially more to fill up than the same time last year. “It could push oil prices up. The more effective price caps are, the more it could have a negative effect on gas,” said Patrick De Haan ,So far, Russia has gotten around other sanctions imposed on gas and oil it produces, he said.
“It’s sounds great on paper, but it’s like you telling me I can’t sell my house to a willing buyer at the price we agreed to,” De Haan said. Gas prices were surprisingly stable in the week before the July 4th holiday weekend, when AAA predicts 1.1 million New Jersey residents will be traveling by car during the three-day weekend.
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