Gas prices in New Jersey on a gradual decline
Gas prices have been slowly receding after recent storm-related spikes. A New Jersey oil analyst suggests there would be bigger drops without our heavy oil exports.
Tom Kloza, of the Oil Price Information Service, says here in New Jersey we are averaging about $2.55 a gallon, slightly above the national average, and prices are as low as $2.30.
"I would suggest that we will probably see some more of those very, very competitive numbers."
The national average dropped below $2.50 for the first time since Nov. 3.
See our list of the cheapest gas prices below.
According to Kloza, one factor that's keeping domestic pump prices a little higher is that "we are exporting about three times as much as we are importing right now. Now that is not necessarily an evil thing."
We export about 4 million barrels a day more than we import.
"On a balance of trade basis, it is real good."
But he says without those exports to central and south America, we would have one of the largest gasoline inventories on record.
Joe Cutter is the afternoon news anchor on New Jersey 101.5
Also on New Jersey 101.5: