Good News For NJ Drivers, Gas Prices Trending Down
Finally, some good news at the pump. Gasoline prices won't be setting any records this summer, thanks to a recent drop in the price of oil.
Gasoline prices soared 20 percent from January to early April. A few analysts warned drivers they could pay as much as $5 this summer, eclipsing the 2008 record of $4.11 per gallon, but not anymore.
"It looks like we are going to pay 10 to 30 cents less than what we paid last year, but still its about $1.00 more than what we paid last year so you can't get too excited about it" said Tom Kloza at the Oil Price Information Service in Wall Township.
He cautions that tensions with Iran and hurricane season in late July and early August could still drive prices up.
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"You have to be careful during those months and we could see prices rise upward, but for at least the next sixty days this is about the average price most drivers will be paying."
The average price for a gallon of regular in New Jersey today is $3.60, about 12 cents cheaper than the national average of $3.72.
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