Gas Prices Still Falling in NJ
Gas prices have now declined for 13 straight weeks. It is the longest decline since 2018.
The statewide average for a gallon of regular dropped a penny from Sunday to $3.70.
After weeks of being much higher than the national average, New Jersey is now a penny below.
AAA says New Jersey is among the 10 states with the biggest decline in the last week, down 13 cents a gallon.
Industry analyst Patrick De Haan of GasBuddy.com predicts some parts of the U.S. could see prices fall below $3 per gallon in the next two weeks.
If prices continue to fall for another week, it would match the longest drop since 2014.
While gas prices have steadily declined since New Jersey peaked at $5.05 a gallon in June, we are still paying 50 cents more than we were a year ago.
The biggest factors affecting the marketplace currently, according to AAA, is a drop in demand for gasoline as the Summer driving season comes to a close and a continued drop in oil prices.
However, with peak hurricane season approaching, if a storm hits the Gulf of Mexico, it could cause a severe disruption in refinery capacity. That would be enough to send prices substantially higher in a short period of time.