Gas prices have fallen in New Jersey to their lowest level in a year and analysts predict continued declines.

The statewide average for a gallon of regular gasoline is now $3.42, according to AAA.

"Increasing supply and lower gasoline demand is pushing pump prices lower," says a AAA analysis, "As demand remains low and stocks grow, drivers will likely continue to see pump prices decrease through next week."

In New Jersey, prices have fallen $1.63 per gallon since reaching an all-time high of $5.05 per gallon last June.

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Analyst Patrick De Haan of GasBuddy.com also believes gasoline prices will continue to decline but also predicts an even bigger decline in diesel prices.

"Truckers and diesel consumers, your limelight time is coming," De Haan forecasts, "Diesel is going to see much more of a decline moving forward than gasoline will."

That is good news for consumers. Trucking transport companies have been passing higher fuel costs onto retailers, who have been forced to raise prices.

While the price for a gallon of diesel dropped to $5.35 in New Jersey, it remains much more expensive than a year ago. At this time last year, diesel cost $3.67 per gallon.

New Jersey also remains among the costliest states to buy any type of fuel.

De Haan says 15 states have now seen regular gas prices drop below $3 per gallon, and seven more states are on pace to break that barrier in the next week. New Jersey is unlikely to be among them anytime soon.

As for how much longer the price decline will continue, not much longer. With OPEC deciding to cut oil production and some supply issues looming in the Midwest, we could see prices start to rise again by the end of the year.

LOOK: See how much gasoline cost the year you started driving

To find out more about how has the price of gas changed throughout the years, Stacker ran the numbers on the cost of a gallon of gasoline for each of the last 84 years. Using data from the Bureau of Labor Statistics (released in April 2020), we analyzed the average price for a gallon of unleaded regular gasoline from 1976 to 2020 along with the Consumer Price Index (CPI) for unleaded regular gasoline from 1937 to 1976, including the absolute and inflation-adjusted prices for each year.

Read on to explore the cost of gas over time and rediscover just how much a gallon was when you first started driving.

 

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