Gas Prices Have Already Peaked This Season [AUDIO]
The price of gasoline has been on the rise this spring, to the frustration of many New Jersey drivers, but better news is in sight.
In the Garden State right now, motorists are averaging about $3.53 per gallon for regular gas, according to Tom Kloza of GasBuddy.com. However, he's cautiously optimistic about the coming months.
"I think we've probably seen the worst of it," Kloza said. "I would say the coast is clear, but I think when we get into hurricane season we might see some interesting developments, particularly at the Gulf Coast. But we should be well-supplied."
Long-range forecasts for the coming months tell us this should be an El Niño season, meaning a milder Atlantic hurricane season. But Kloza said nothing is carved in stone when it comes to predicting those conditions.
He said barring any disruptions or unforeseen problems, travel this spring and summer should start to become less costly.
Most oil industry watchers agree there is plenty of crude oil and gasoline to go around; in fact, you may hear the word "glut" used frequently.
There are other factors as well. Older baby boomers are not driving as much as they used to, and millennials are driving less these days, and those changes help to cut gas consumption. So does the fact that with each new generation of vehicles, federally-mandated gas mileage figures continue to improve.
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|New Jersey Gas Prices provided by GasBuddy.com|