Contact Us
Make My Homepage

Gas prices could start to drop

The Iraq scare seems to have subsided for the moment, as far as oil prices go. That means New Jersey drivers are likely to get a break next time they fuel up.  

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

gas pump
Tom Merton, Getty Images

Expert Tom Kloza of says pump prices this past July 4 were higher than on any July 4 since 2008. But the good news is, Kloza says that could be the high mark for pump prices this summer.

“I think the operative verb from now until Labor Day is probably, ‘drift,’ and I think it will drift a little bit lower without a major move,” Kloza said. “We have survived the worst news in terms of Iraq, and as long as tropical weather remains pretty placid, we’re in good shape.”

A “major move” might be another overseas oil supply scare or a storm that threatens Gulf oil production. But things being what they are, Kloza said decreasing demand after Labor Day might actually drive prices down to $3 per gallon or lower.

The one factor in this whole demand-supply equation that seems a little off-balance, experts say, is the demand factor, which remains unusually high. Many economy watchers chalk that high demand up to a quickening economic pace.

Gas prices right now are averaging $3.55 per gallon in New Jersey, slightly lower than the national average of $3.64 per gallon.

Lowest Gas Prices in New Jersey
New Jersey Gas Prices provided by

Best of NJ101.5

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for New Jersey Insiders quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive New Jersey Insiders contests, events, coupons, presales, and much more delivered to you for FREE.