NJ Gas Prices Stay Stable
Motorists are finally seeing stable prices at the pumps in New Jersey.
AAA Mid-Atlantic says the average price of regular gasoline in New Jersey on Friday was $3.79, which was unchanged from last week. But that's still higher than it was a year ago, when motorists were paying $3.61.
Meanwhile, the national average price fell by 4 cents to $3.90. That's also higher than the national average from a year ago, which was $3.81.
Gas prices had risen for 18 straight weeks in New Jersey.
But analysts say crude oil prices have fallen recently due to signs of a slowing U.S. economy and decreasing tensions in the Middle East.
There may finally be some good news in the near future about factors that influence gas prices. AAA reports this week Sunoco Inc.'s oil refinery in Philadelphia has at least four potential buyers, and ConocoPhillips’ refinery in the Philadelphia suburb of Trainer has one, and possibly two, offers for its idled refinery.
Tom Kloza, chief oil analyst with the Oil Price Information Service (OPIS) noted the “entire dynamic of the U.S. East Coast markets may be about to change.” With four potential bids on the table, Kloza is pretty confident “we are not going to see the Sun Philadelphia refinery close on July 1.” This would be much welcome news for East Coast refining.
Otherwise, prices appear to be at a crossroads. “Following this week’s gas price drops (in many areas), motorists are left to wonder if we have seen the peak in prices for the year,” said Tracy Noble, spokesperson for AAA Mid-Atlantic. “While there is a chance the market has peaked, just shy of the $4.00 mark (in many areas), some analysts caution that there are numerous variables, both nationally and internationally, that could contribute to the continued rise in crude oil prices."