Jersey Gas Prices are Still Moderate Heading Into the Summer
There is good news for New Jersey drivers as gas prices continue to drop.
According to AAA/Mid-Atlantic, pump prices in the state declined an average of three cents-a-gallon from a week ago. Spokeswoman Tracy Noble says more moderate crude oil prices and slack demand are two of the main factors "that translates into savings for motorists."
"For the past couple of weeks, we have had crude oil prices at below the $50 per barrel mark. When that is the case, we see that translate into cheaper prices at the pump."
The price of crude touched its lowest level of the year Tuesday.
She says there is an oversupply of crude oil and we have seen a less-than-expected demand.
"We have not really ramped up the summer driving season yet."
Noble says school has just ended and the vacation driving season is still gearing up, and that has helped keep demand down. Right now, they do not see any large price increases.
"We are now taking it as a good sign, and we are hoping that it continues throughout the remainder of the summer."
The average for regular in Jersey right now is $2.33-a-gallon, according to AAA.