How Long Will Gas Prices in NJ Keep Dropping?
The average price for a gallon of gas in New Jersey has dropped for 22 days in a row.
On Monday, AAA Northeast reported the price for a gallon of regular was $3.27, dropping 6 cents in a week and 34 cents from this day one year ago.
It’s happening because crude oil inventories increased by 16 million barrels last week, which put downward pressure on prices overall.
When spring arrives will prices start climbing?
Oil analysts have predicted oil prices (and prices at the pump) will begin to drift higher in March, as the warmer weather approaches and more people begin traveling.
Even as refineries are shutting down for planned and unplanned maintenance, it has not contributed to a tighter market so far.
New Jersey now has the lowest gas prices in the region.
The average price for a gallon of gas in Pennsylvania is $3.68, in New York, it’s $3.48, and the average price for a gallon or regular in Connecticut is $3.29.
The current national average is $3.41, unchanged from a week ago, 2 cents higher than a month ago, but 12 cents cheaper than one year ago.