Gas prices drifted lower over the weekend in New Jersey and are projected to fall even more this week.

A gallon of regular is selling at an average price of $3.39, according to AAA.

That is 5 cents lower than a week ago, but still 7 cents higher than what we were paying last month.

Analysts do expect prices to go even lower. "Despite rising gas demand and recently elevated oil prices, the growth in total supply has helped to limit pump price increases," according to AAA.

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AAA.com
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Many variables

However, AAA also cautions that is dependent on demand remaining low.

Part of the reason for the decline is another interest rate hike by the U.S. Federal Reserve. Fed Chair Jerome Powell indicated more rate increases are likely to help further tame inflation.

"As a result," AAA says, "The market believes oil demand could be less than expected this year, pulling prices down."

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Analyst Patrick De Haan with GasBuddy.com declared, "Not a bad way to start the weekend."

De Haan believes "we could see gas prices decline over the next week or two."

Gas prices are less than we were paying a year ago in New Jersey by about a dime per gallon.

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AAA.com
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Somerset County remains the most expensive place to buy gas in the Garden State, averaging $3.51 per gallon for regular.

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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