NJ Gas Prices Drop Below $5 – Will it Continue?
Gas prices in New Jersey have continued their steady decline and have now dropped below $5 per gallon for regular.
AAA puts the state average at $4.99 a gallon, after peaking at $5.05 on June 13.
Crude oil prices have been falling, but still remain near $110 per barrel.
Demand for gasoline dipped a bit as the national average for gasoline also passed the five-dollar mark, but has been on the rise again.
That has many analysts predicting whatever price drops we see in the next week or so, will not last.
Even though the statewide average has dropped below $5, many areas are still seeing pump prices over that mark.
Cape May, Essex, Hudson, Hunterdon, Mercer, Morris, Somerset, and Union counties all have average prices over $5 per gallon. Somerset remains the most expensive, with an average of $5.14 per gallon.