Gas Tax Going Up, But Gas Prices May be Coming Down
New Jersey gas prices will remain steady for the Labor Day weekend in the mid $2.80 range. But what about the upcoming fall season?
Analyst Tom Kloza, of The Oil Price Information Service, said we may even see a gasoline price drop this fall even though crude prices will rise.
Jersey pump prices are averaging $2.86 a gallon, down a penny-a-gallon from a week ago, according to AAA Auto Club.
Kloza thinks gas prices this holiday shopping season will be lower, "but I also do not think that it is going to be one of those falls where the price drops 40 cents from Labor Day to Christmas.
"I think that it is going to be a bumpier road for the last four months of the year," he said. "We think that probably somewhere before the end of the year, crude oil gets back to about $80 because we are seeing much less crude oil coming from Iran, and that is going to impact world markets."
He warns that those rising crude prices will have a bigger impact on the price of home heating oil in the coming season, so consumers should be locking in those heating oil prices with a dealer right now.