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Gas Prices Continue To Fall

Motorists continue to see lower prices at the pumps in New Jersey.
AAA Mid-Atlantic says the average price of regular gasoline in New Jersey on Friday was $3.29, down 4 cents from last week. It’s also much less than the price from a year ago, when motorists were paying $3.58.

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Meanwhile, the national average price fell by 10 cents to $3.35. That’s also much lower than the national average from a year ago, which was $3.54.

This is the twelfth straight week that prices have fallen in New Jersey.

Gasoline prices should fall even more by the fourth quarter, according to Tom Kloza, oil analyst for the Oil Price Information Service (OPIS). While gasoline prices are already more than 50-cents below this year’s high ($3.94 in early April), prices will drop another 15 to 25 cents a gallon nationally and by the fourth quarter prices could fall below $3 a gallon, notes Kloza.

After Labor Day prices typically drop because demand drops at the end of the summer driving season and refiners no longer have to produce the more-expensive summer blended gasoline.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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