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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.  

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gas pump
Tom Merton, Getty Images

Expert Tom Kloza of GasBuddy.com 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 GasBuddy.com

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