Was a meter reading error as suspected. The reading under the "removed meter" section is wildly off, and was a result of a misreading when removing the old meter during installation of the new meter. Not sure where the random numbers come from, since it's not like digits were off by one or something like that. Perhaps they had a reading from some other meter saved and submitted it as mine. Not sure.

UPDATE: Thanks for the responses everyone. I contacted both PSEG and BPU, this was resolved and my bill looks normal again.