Prices Fall, But NJ Still Among Most Expensive For Gas
The price for gasoline has been dropping for 12 straight weeks, the biggest continuous decline since 2018.
Regular gas is averaging $3.81 per gallon in New Jersey, down two cents from Monday, and down 12 cents in the last week.
According to AAA, New Jersey saw among the biggest declines in the nation over the last week.
Analysts have speculated that prices could bottom out at around $3.75 per gallon in the next couple of weeks.
However, with OPEC announcing they are cutting the production of oil by 100,000 barrels per day, the decline in oil prices may not last much longer. That could reverse the trend of lower prices for gasoline.
President Joe Biden has been touting an increase in oil production in the U.S., but it is unclear if American producers can make up for any supply deficit caused by the OPEC decision.
If prices do continue to decline over the next two weeks, Patrick De Haan of GasBuddy.com says it will match the biggest continuous decline since 2014.
The Garden State is, however, still among the most expensive place in the U.S. to buy gas.
According to GasBuddy.com, the median price in the U.S. is $3.59, with the most common price $3.49. 15 states have seen their average price for regular drop below $3.50.
New Jersey reached a peak of $5.05 a gallon on June 13, 2022. Since then, prices have fallen $1.24, or about 10 cents per week.
In Sept. of 2021, gas cost $3.21 a gallon in New Jersey.