NJ gas prices drift lower — for now
Gas prices continue to drift lower as we head toward the end of 2018. But an expert warns that next year will be different.
Analyst Tom Kloza, of The Oil Price Information Service, says that the oil industry just does not seem to be able to get its act together right now. The average cost of a gallon in the state is about $2.50.
"Nationally, the price is about $2.45. But to put it in perspective, there is probably 50,000 sites where the price is below $2.25, and there are 3,000 stations where it is below $2," he said. "There are a lot of portions of the country, Great Lakes, Southeast, where it is a lot cheaper than it is in Jersey."
Kloza says world petroleum markets have been "incredibly sloppy."
"We went from a bull market to a bear market in the space of just a few weeks," he said.
Kloza says heating oil customers are also getting a little price break right now.
"So it is probably not a bad time for people who heat their homes with heating oil to think about putting some in."
But he warns the future will be less kind "once we get into 2019. I think that both (crude and gasoline) will move higher. We will see higher crude prices, higher gasoline prices, because the world still is fairly balanced or a little bit tight. I think that 2019 is going to be a more expensive beginning to the year."
Joe Cutter is the afternoon news anchor on New Jersey 101.5