Worried about the gas tax? Prices at the pump starting to edge lower
Even though New Jersey drivers are still dealing with that big gas tax hike, pump prices in the state have remained stable over the past week.
Cheaper crude and lower manufacturing costs for Jersey's winter formula gasoline are combining to keep a lid on our gas prices, even with the tax hike. Triple-A/Mid-Atlantic's Tracy Noble says what we are seeing is "a New Jersey average of $ 2.25 per-gallon, which is a decrease from just Friday of 2 cents, when the price was $2.27."
According to Noble, the price of crude oil is driving the price of gasoline, "and for the past several weeks, we have seen a decrease in the price of crude oil." She says that on Friday, crude closed at $43 per-barrel, "and that is why we are seeing a decrease at the pump as we come into the holiday travel season."
But there is always the potential for pump prices to waffle back and forth, especially if we have any disruptions or challenges to supply.
"Luckily, the New Jersey area was not affected by the Colonial Pipeline shutdown that happened a couple of weeks ago. We did not see residual effects," Nobile says. "However, if something of that nature did affect supply to New Jersey, we could then see an increase at the pump."
And Triple-A says there may be more decreases in pump prices during the winter. Noble says we typically see prices decline at this time of year, we have adequate supply and demand typically drops during the winter months, because there are less drivers on the roads.
Noble says oil analysts do not expect any big price increases, near-term.
"People can still find deals on fuel throughout the state. They just need to keep their eyes peeled, and make sure you're getting the best bargain," she says.
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Joe Cutter is the afternoon news anchor on New Jersey 101.5.